Alternate history: If PS1 didn't enter the race, who would have won the 5th gen, and why?

[Jumpin]

The reason the Sega Saturn bombed had a lot to do with its price, it cost nearly double the N64.
But the N64 had cartridges which were much more expensive than CD games, and held significantly less data.

I'm honestly not sure. But I do like the idea of analyzing the major companies and seeing which direction they'd go. I felt Sega Saturn had the best initial marketing, but then Sony really nailed it by bragging about the volume of games... especially in light with how few there were on the competing consoles.