Problem with a 3rd party is that 270 in the electoral college may not be had by anyone. A first. Does constitution address this?
What then, a run off? Ross Perot did a number on being the 3rd party. Got what, 20% of votes? His VP was for sh...ts.
In 1992 when Ross Perot ran as a 3rd party candidate against Bill Clinton and George HW Bush, Clinton won with 370 electoral college votes (43% popular vote), Bush got 168 electoral college votes (37.4% popular vote) and Perot got no electoral college votes (18.9% popular vote).
Here's what the Constitution calls for:
Of the current 538 electors, an absolute majority of 270 or more electoral votes is required to elect the president and vice president. If no candidate achieves an absolute majority there, a contingent election is held by the House of Representatives to elect the president and by the Senate to elect the vice president.
en.wikipedia.org
Of the slim GOP majority now in the House of Representatives, 119 of them voted against certifying the 2020 presidential election results. They're on record for voting to overthrow the results of a legitimate election. That's extremely scary! Yes, the Electoral College, as specified in the US Constitution has to be reformed.