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538 has Trump's support at his 2016 final levels. This is relevant to note because, in both prior elections, the polls were extremely good at predicting the baseline margins from diehards and registered, and the error came from badly guessing the undecideds wrong.
Unless this is the first election in a long long time to actually get the baseline wrong or literally 100% of the undecideds go to Harris, Trump's got above 2016 in raw percentage totals basically locked in(in 2016 a ton of people went third party so neither he or Hillary actually crossed 50 percent, Hillary was 48.2 and Trump 46.1). In 2020 it was 46.8 for Trump and 51.3% for Biden. If things continue to trend that way Trump will be close to his 2020 total percentage locked in and thus will almost certainly be higher in the final count. The people genuinely leaving Trump will mostly be former undecideds, not the people locked in, so this number isn't being shifted as much. That does suggest that, even with his general ceiling region not shifting a ton, he's probably set to break 47% in the final number if not more (Trump was polling sub-45 in both 2016 and 2020 so 48 is also plausible).
This matters mostly because not every undecided is going to break for Harris or Trump, there will be people sticking third party who most polls lump in with them or at least contribute to the 'Not Harris or Trump' number, and this is one of the few areas where the general trend is not in Harris's favor. Just broadly speaking this is the most left-wing Third Party batch we've had since 2000.
As much as people love to say voting third party helps Republicans, that hasn't been the case in a while, the Libertarians have been the strongest for a long while and they usually siphon off more Republicans, especially Anti-Trump Ron Paul types. They probably cost Trump Georgia in 2020. But the Libertarian party has been in a state of collapse since 2022, there was an attempted takeover by a hard right clique, which lead to a nasty party schism that left the party not cooperating, then a ton of Hardliners defected to Trump when the Moderates got control of the primaries, and then to make matters worse RFK joined in around that time taking most of the right wing moderates and leaving the Left Libertarians to put Chase Oliver on the ticket. So a ton of Libertarian voters either left with the hardliners for Trump a year ago or left for RFK who in turn endorsed Trump likely redirecting some more of them to him, and what's left is the most Left-Wing Libertarian the party has run since the 1970s.
Then there's the fact the Constitution Party has been steadily weakening for years, they lost their status as the Number 3 Third Party in 2020 to the PSL, and this year they had a schism between the Mormon and Protestant factions. They also mostly take Republican Votes. Or the fact the usual coalition of small right wing parties all working together to back one candidate(Rocky De Le Fuente last time) are all gone. Why? They all hitched to RFK Jr, and he dropped out too late for any of them to pick new guys. (That I honestly suspect was the real goal of his candiacy. Wipe out the small right wing third parties and weaken the Libertarians).
On the other foot, the Greens are proportionally stronger as Jill Stein has better name recognition than Howie, the Party for Socialism and Liberation is surging with youth support and is set to break their all time record again, and Cornel West...exists.
It could be far worse, lawsuits kept most of them off of most Swing States, Nevada kept the Green Party off and has the Constitution Party, and Pennsylvania and Arizona only have the Greens and Libertarians. Wisconsin and Michigan also still have RFK Jr on them despite Cornel West and Claudia being there. But it's still way more left leaning than normal just from the Libertarian crisis and lack of small right parties even without those new guys.
Let's say around 1.5% of the undecideds go Third Party. Lower than 2020, way way lower than 2016, about on parr with previous years. It's going to be mostly people who would otherwise vote democrat. The Popular Vote to Electoral College margin is supposed to be quite a bit less this year, but sub-Hillary margins nationally are probably a loss. So Harris wants a 2 point lead and there's around 98.5% available. It's gonna be tight.
Great analysis, thank you
So yeah, when people ask how Trump could be doing this well despite stuff like COVID deaths or Harris's gains, that's my reasoning.