Since the media won't ever cover any other parties most people have no idea who they are or what they stand for due to the it ain't on tv so it must not be worth hearing about mentality. So in that case we might as well just have an American Idol type of election since more people vote for that crap then for the person who will be the head of our country.
It would start off with all the candidates and be whittled down to the winner. I know the voting would be all skewed and shit but it already is due to the electoral college and asshats like ACORN doing everything they can legally and illegally to get their candidate voted in. This way we would at least give a better view of who is out there worth voting for or not. Since the big 2 aren't worth voting for and neither are some of the others.
It would all end the same anyway and it would make it more entertaining, so WTF.