This strikes me as an under-explored idea as the OTL outcome caused the rise of the Hapsburgs to prominence, unless I'm looking at it the wrong way.
 
@Wendell

Frederick III of Hohenzollern was the elector in this instance as a result of disunity in the Northern March, the Margraviate of Brandenburg. At the time, Brandenburg was divided into four different rulers of the Ascanian house. Their realms were divided in two and then separated further by each sector having two monarchs. As such, four were margraves. Hence, Frederick III lord of an important realm, was nominated to represent the divided state of affairs of Brandenburg.

Custom dictated an elector-ship for the margrave, but since this realm had four margraves, such was untenable. Innocent III ruled that the emperor had powers to distribute ‘elector’ status to another in event of circumstance. However, the electorship role remained with the name of the official elector. In other words, the emperor could not create new elector titles, but could distribue an existing privilege to another as representative of the other.
 
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@Wendell

Frederick III of Hohenzollern was the elector in this instance as a result of disunity in the Northern March, the Margraviate of Brandenburg. At the time, Brandenburg was divided into four different rulers of the Ascanian house. Their realms were divided in two and then separated further by each sector having two monarchs. As such, four were margraves. Hence, Frederick III lord of an important realm, was nominated to represent the divided state of affairs of Brandenburg.
That makes sense. It's prescient that they went with him given his family's later successes in Brandenburg.
 
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