On the other hand, Chrome is nothing without promotion on google properties and being installed by default on Android. Chrome would need to pay Google an extraordinary amount to continue to be the default browser on Android. Maybe even the same amount as what Google would pay Chrome to be the default search engine provider.
Any agreement between Google and Chrome needs to account for both transactions - default search engine and default on Android.
The alternative is that regulators force Chrome to become a separate entity and also force Google to keep Chrome as the default for some period of years, although I don’t know if it’s possible for them to compel such an arrangement. If it isn’t, Google could simply release a new browser based on Chromium, just like Microsoft did and make that the new default on Android.
Even if regulators force Android to become separate from Google in addition to Chrome, it still doesn’t work. Now Android has all the negotiating power. It can create its own browser based on Chromium and charge Google an exorbitant fee for being the default search engine.
It’s frustrating when you hear people selling “just break them up” as a panacea without taking into account what would happen afterwards.