Would it be mainly aimed at bringing people in, or taking them out of Spain - or even internal flights within? Don Quioxte would be near Madrid, but not open until 2006??
Considering their recent mutters about high charges at places like AMS, ZRH, MUC & CPH, I can't really see them wanting to base a/c at MAD or BCN.
Would that make VLC more likely - it is good for traffic in both directions, being Spain's third city, and close to many resort areas. Perhaps BIO as an outsider, but they have pulled routes there before.