Sorta obvious, dont'cha think?
Yes, Denethor would take the Ring, but he might not use it to his own devices. He was under severe Palantir influence and the forces of evil could have continued the "dehabilitation" of the Steward to a point where he couldn't even figure out what to do with the Ring. Then, Denny might be convinced to just give up the Ring after being fully corrupted by both ring and palantir.
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"What mortal feels not awe/Nor trembles at our name,
Hearing our fate-appointed power sublime/Fixed by the eternal law.
For old our office, and our fame,"
-Aeschylus, Song of the Furies
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