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My suspicion is the following would've happened --

The SNES CD-ROM would've been released, had a few OK games and faded away into obscurity.

Nintendo and Sony ink a deal to work on the next-generation Super Nintendo (N64).

Silicon Graphics is not even in the picture, Sony designs the chipset for Nintendo.

System is a CD-ROM/cartridge hybrid console like the Saturn.

Panasonic releases the M2 console which becomes Nintendo's main competetion.