Some say that Max was entitled to a title shot before Louis by virtue of having KO'd Louis in 12. Had Schmeling got a shot at Braddock, how does the fight go?
Of course you never take a thing for granted, but Schmeling would have gone into the fight as a strong betting favorite, and rightly so. I think that the title woudl have gone to Germany.
Schmeling batters Braddock, Hitler and Goebbels throw a parade and Schmeling automatically becomes one of Germany's most iconic sports figures. Yes, he still technically is one, but this would've elevated him beyond the stardom he actually achieved. The Nazi regime would've promoted the everloving **** out of him, whether Maxie liked it or not. That is, until Louis knocked him out in their rematch.
Schmeling himself said that he woudl have retired had he regained the title, though of course he could always change his mind. If that happens then the title becomes vacant. The options then become an elimination tournament, or a face off between the #1 and #2. Hard to say what the second option would be, but probably Louis Far for the vacant title. Louis then goes on to dominate, but there is always the question hanging over him, of whether he could have beaten Schmeling. Now in practice Schmeling woudl have come under pressure, from both sides of the contact line, to defend his title. There woudl have been pressure from Germany, for a big European fight. There woudl have been serious money in America, offered for a defense across the Atlantic. Max was a businessman, but he could also be subject to political pressures from home.
I highly doubt he would've retired myself, the financial opportunities he had as champion would be endless. Who knows how much money he could've made with his own Bum of the Month tour in Germany and Europe. The Louis rematch probably wouldn't have happened.
At around the time Braddock was running his gauntlet towards a shot at Baer ('34-'35), Schmeling was emerging from that low period in Heavyweight history and a dip in his own career, as a resurgent force. A year or so, after Braddock took the title, Schmeling would be confirmed as the second best heavyweight in the world, ahead of Louis ('36). Though it would likely have been preferable for Schmeling not to have to wait another year (after beating Louis) to get his shot at Braddock in '37, I'd still favor Schmeling to have carried enough momentum to take Braddock in a Decision Win.
And it's not clear to me that there wasn't a fight for the title from half of 1935 to half of '37; it's like I'm watching this time And how Hitler and Goebels didn't make efforts (or did they?) to make that fight happen, because Max Schmeling would have won. Schmeling beat Joe Louis in that period anyway.