I admit I was disappointed with Fred Thompson dropping out of the race. But there still isn’t a clear leader in the race for the Republicans, so, is there still hope for a Fred Thompson candidacy?

If McCain loses in Florida, the Republicans may well be headed to a deadlocked race and convention. And history teaches us that the likeliest candidate to emerge in that scenario is someone like Warren G. Harding: the prototypical, less-than-stellar candidate to which conventions turn when the going gets rough.

This year’s Harding? Believe it or not (are you sitting down?), despite the fact that he’s withdrawn from the race, is Fred Thompson.

This is a great look at the history of the nomination process, and makes an interesting case for a Thompson nomination:

That, in fact, is the key to winning a race that deadlocks. And, this year, it is Thompson’s ace in the hole.

Think about it: the GOP establishment is scared to death of Huckabee, the outsider who has the allegiance of the evangelicals. The only way he’s going to get nominated is if he can win a majority of delegates in the primaries. Ditto for Giuliani: his personal life, social liberalism, and New York background make it unlikely that he can win the GOP nomination any other way than through the primaries (which, unless he can win Florida, is a long shot).

McCain? The GOP establishment and mainstream Republican voters have never really trusted this maverick, either, given his sponsorship of the McCain-Feingold campaign-finance legislation, his friendship with Democrats such as John Kerry, and his current stance on immigration. McCain can win over a few stray delegates committed elsewhere. But unless he’s close to a majority as the convention approaches, he’s unlikely to be the acceptable second choice of most delegates.

Romney? Parts of the GOP establishment (i.e., the National Review crowd and Rush Limbaugh) like him, but he has the highest negatives of any candidate in the race. Evangelicals don’t trust him, perhaps unfairly. And the other candidates can’t stand him, which, if a deadlock should occur, will hardly leave him the likely beneficiary of any efforts they might make on someone else’s behalf.

That leaves Fred.

It’s very unlikely that this will be the actual case, but with the uncertainty of this campaign, just about anything can happen. I don’t know that I would be surprised with this at all. I know I would be happy with it. He is still the best person, in my opinion, for advancing libertarian ideas. And it’s not just me saying that. Reason Magazine agrees.