It’s complicated. Since the “moderate” right are bullies and no one wants to make deals with them except the fascist party, the only option for them to rule was to win clearly.
Since that didn’t happened it opens the door for the actual government to try and repeat a similar deal like the one they used to rule the last four years.
They have to convince all the small parties to give them their support. Not easy but It can happen as it has happened four years ago, but the media is already selling the idea that the only option is for the country to go to elections again.
Remember that almost 90% of the media in Spain is in the right ideology, so for them it’s the only option available and will push this narrative as far as they can so the far right can rule.
The deal is going to be difficult. But no one wants to support PP+Vox or be the ones to make them get to rule for action or omission (for all the parties involved it would be suicidal).
There is going to be a lot of political threatics, the media (almost all conservative) will push hard for new elections. In the end, no one from the left (and remember, PSOE is not a leftist party by any means) want that. So they will negotiate more or less their share and allow him to rule.
The right will try to make his candidate president (formality) and then Pedro Sánchez will take his chance.