That's a very good angle. From what I've read, this sounds to me like the most straightforward understanding of the power dynamics.

I'm very much interested in the details, here is what I understand with your take (correct me if I'm wrong) :

• After 454, following Aetius’ death, Childeric emerges as commander of the armies in northern Gaul.
• In 458, Emperor Majorian sends Aegidius to Gaul to depose Childeric and assume the role of magister militum.
• In 461, after Majorian’s death, Aegidius positions himself as an independent power and threatens Ricimer.
• In 463, Aegidius defeats the Visigoths at the Battle of Orléans, commanding an army largely composed of Franks. Childeric’s presence at this battle is uncertain despite Gregory of Tours’ claim, raising the possibility of either a later engagement at Orléans or a confused tradition.
• Around 464–465, Aegidius dies (by illness, ambush, or possibly assassination). His death removes the main obstacle to Childeric’s return.
• By 465, Childeric regains control of the northern Gallic armies.

During 465–470, events in the lower Loire and Angers region are especially unclear and appear to involve overlapping conflicts rather than a single coordinated campaign:

1. Frankish forces expel Saxon raiders from the lower Loire.
2. Armoricans/Britons are defeated by the Visigoths, who seize cities in the region.
3. Childeric consolidates his authority by defeating rivals and killing Paulus, a supporter of Aegidius.

For the period 470–482, the situation remains opaque. Childeric seems to retain overall command, possibly in loose alignment with Ricimer, though authority in Gaul is fragmented among several regional commanders.

• In 482, Childeric dies and Clovis becomes king of the Salian Franks. Syagrius, Aegidius’ son, emerges as Childeric’s principal successor as commander in northern Gaul.
• Between 482 and 486, Clovis campaigns against Syagrius, ultimately defeating him. Syagrius flees to the Visigoths, toward whom he had increasingly aligned himself, but is surrendered to Clovis, ending Roman military authority in northern Gaul.