I like the idea of not being a God over the empire, who single-handledly controls finance, war, diplomacy etc. The extra depth of adding characters within the faction, and having limited own influence, could make the game so much deeper and more interesting. As for how to carry that out, that's another matter.
But I'd love to be e.g. a general and be unlucky to get a hedonist king who doesn't care about the security of the realm, so that suddenly you face a situation where you have improper supplies to fight an ongoing war, so you're forced to overthrow him, but in the following intrigue you get new challenges of all sorts from the different noble families that supported you, who demand all sorts of monetary rewards that kill your treasury. Maybe interest groups force you to fight a war that isn't optimal from a military and diplomatic point of view, as well.
The truth is, most nations weren't 100% optimal expansionist machines every year every century in history. Few nations have more than one or two major conqueror kings in their history. So sometimes playing as the general who has to fight for a careless hedonist king who only cares about his women, might add more depth, realism, and frustration (of the good kind!) to the campaign.
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