Have you just watched the news? President Powell has called for a constitutional convention to review the political system. President Johnson had attempted to call for one in July 1966, but his heart attack and resignation aftermath changed everything.
Seemingly the only unanimous consensus among progressives and conservatives is that the President should serve a renewable 7-year-term, but the proposal jointly sponsored by moderate conservatives and progressives that replace the electoral conclave with an electoral college first round and a popular vote round-off will likely be blocked by the filibuster of a weird coalition of states' rights conservatives and Southern conservatives.
The Supreme Court has just ruled last week, just before Powell's election that the only Socialist-controlled states of Washington, California and Cuba are not unconstitutional in making members of the electoral conclave coming from these states directly elected every four years using proportional representation starting from 2014, let's see if other states would follow this direction of reform, but I remain a bit pessimistic, when the lot system remains that popular in the plurality of states due to the "absence of elite control" where socialists would however refer as "illegitimate".
The only likely reform that we would see is the end of life presidency, so that I really don't think the constitutional convention could do much, to be honest. Just think of those deeply conservative MCs (members of the Conclave) coming from Tejas, and you know nothing can be done.