What would have happened if Nintendo would have taken up Sony on their offer before the N64 came out?

[Soundwave]

The "Playstation" meaning the hybrid Super NES + CD drive would've come out.

So would've the Super NES CD-ROM.

Both would've sold minimal quantities as an add-on released late in the console cycle, and maybe been Japan only.

Sony would've been contracted to supply the CD-drive + sound chip for the Nintendo successor to the SNES, and the actual Playstation console as we know it probably never would've happened.