1994: Schumacher wouldn't have had those penalties (wouldn't have made such mistake on the parade lap at Silverstone to get blackflagged) and would have won the title in the best car, followed by Senna, Hill and others.
1995: Now with Williams being the best car, Senna wins the title ahead of Schumacher, Hill and others. Coulthard may have made his F1 debut in McLaren, replacing Mansell instead of Blundell.
Senna extends his Williams contract for two more years (doesn't want to go to McLaren, who really struggled in 95 - were even worse than in 94 then). Hill will be sacked by Williams after a poor 1995 season and will be replaced by Villeneuve. Schumacher extends his Benetton contract for two more years to take a proper revenge from Senna, Panis will be his new team-mate.
Hill joins Ferrari alongside Alesi! Berger goes to Sauber to join Frentzen.
1996: Team Schumacher has again developed Benetton - now second season with Renault engines - into best car and Schumacher wins ahead of Senna, Villeneuve, Panis, Hill, Alesi, Hakkinen and Coulthard.
1997: Schumacher wins. Last season for aging Senna, who starts making mistakes and loses title. Villeneuve, Panis (who doesn't get injured in a Benetton!
) and the improved Ferraris and McLarens fight for third.
Let's assume that Renault as an engine manufacturer decides to leave regardless of Senna living or not. Now finally Todt manages to get Team Schumacher after back-to-back titles with Benetton. Hill and Alesi leave Ferrari (Hill to new Stewart team, Alesi to Jordan), Schumacher's new team-mate at Ferrari will be Frentzen.
Benetton drivers are Panis and Fisichella. Williams hires Barrichello instead of Senna. Senna was the key person here by recommending Rubens.
1998: McLaren dominates, build-up year for Ferrari, who takes narrowly second position ahead of Benetton and Williams. Maybe Jordan involved too.
1999: McLaren and Ferrari in title contention.
From now on not much different from what actually happened.