In this alternate history, the Papacy becomes worried when those such as Martin Luther began complaining about the Church's practices. At this point, Luther breaks away, beginning Lutheranism. Fear of more Christians forming their own groups, such as Calvinism, Anglicanism, etc., the Pope decides there is one solution: Revive Paganism.
Of course, there are some conditions to this:
They are not reviving all paganism, rather just and only Roman Paganism. They are more culturally familiar with it, and is still within their own domain to control
Their goal is to create an "Us vs. Them" kind of unification
- Also used to undermine Judaism
They have updated parts of it, so that it fits more with 15th-16th Renaissance society (no sacrifices, some elements of Christianity, appeals to women and political leaders, etc.)
The Church funds the building of a few Pagan temples, and have some cathedrals become temples as well
The Church will also enforce authorities to prevent CERTAIN hate crimes. Christians and Pagans can hate and attack each other, but they cannot:
- Destroy Pagan temples
- Persecute Pagans and execute them for their deities
- Have large-scale riots and violence
Roman Gods in Renaissance art is encouraged more
With these provided conditions, could it be possible for the Roman Catholic Church to reduce Protestantism and prevent the Protestant Reformation with Paganism, or at least make the conflict smaller? And if not, what could I improve on, or also consider?
Note: For a better understanding of the question: What conditions could help the Roman Catholic's scheme actually work?