What if... the Red Skull became Captain America?
On this Earth, Sharon Carter failed to destroy Doom's device, allowing the Red Skull to retrieve Steve Roger's body from the time-stream and inhabit it. However, as Bucky has thwarted the Third Party plot, the Skull takes an alternate approach, running for president himself as the "miraculously resurrected" Steve Rogers on the platform of repealing the Super-Hero Registration Act. His facade as a martyr and messiah figure allow him to easily win the election, but upon taking office he appears reluctant to repeal the law as promised. Instead, the Red Skull utilizes the Fifty State Initiative to turn all registered heroes into his own personal army of storm troopers. Under his rule, America becomes increasingly fascist, with Skull managing to avoid serious criticism of his administration by means of the good will accumulated by Rogers in life and the religious zeal surrounding his return. Eventually, however, Tony Stark as head of S.H.I.E.L.D. discovers evidence of the truth, and leads a coup d'état, leading to a second Super-hero Civil War. In the final battle Tony Stark and "Steve Rogers" confront each other once again, killing one another in an epic showdown, but leaving America in ruins and flame.