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They would firstly need to catch up from the far distance in most aspects and offer at the same time new things to get the majority of people interested in Nintendo again.
At the same time Sony and Microsoft will move forward too especially cause Sony already was in such a weird situation for them(and probably won't slack off again) and Microsoft just pulled back before they slaughtered themself early on.They never ever will take their success for granted again.
Things like their devs not knowing XboxLive and PSN and their relationships with 3rd Party got even worse over the years aren't easy to make forgotten.People and Developers feels safe with Sony/Microsoft and their strategy.