The best PoD is probably keeping the Habsburgs out of Spain. Perhaps give Ferdinand II of Aragon the Not-Philip Son he dreamed of, and have this Son go on to become King of Spain. Or even better, there's Miguel da Paz, who died in infancy but would have had a stronger claim to Spain than Philip and thus The Habsburgs. Have him Survive, and that would give you a United Iberia under the House of Aviz.
In this case, rather than the Habsburgs becoming the 800 Pound Gorilla that unites everyone against them, you wind up with a 4-point diplomatic situation between England, France, Spain, and Austria.
In this situation, the Habsburgs still rule The Netherlands. However France is no longer encircled by the Habsburgs, and thus won't devote every effort to fighting them. This not only keeps the Habsburgs from being the overwhelming Rival of France, but also gives you two other countries who can serve as Common Rivals. Spain and England would make natural allies against France, especially since this Aviz founded Spain would likely maintain the Anglo-Portuguese Alliance. When considering Habsburg Claims to Northern Italy and possible claims to Southern Italy as well, plus potential rivalry with England over Naval Trade, the England-Spain Alliance can serve as a natural Rival to bring together a France-Austria Alliance.
Though really it would probably wind up as a Constantly Shifting Dance, with Allies trading spots and steps constantly.