Wallace Wins - What Happens to the AIP?

Something I've been mulling for a while. I'm fairly certain I once saw a TL dealing with this topic.

If George Wallace was, somehow, to win the 1968 election, what would happen to the American Independence Party? Would it thrive, buoyed by it's success in electing a president, and possibly even become a valid third party able to challenge the Democrats and Republicans? Or would it have still split and fractured like it did in OTL?
 
I don't think much would come of it and a candidate of one of the major parties (most likely the GOP) would win big in 1972. The only way I can see Wallace winning is if McCarthy somehow got the Democratic nomination and Goldwater sat '64 out and instead ran in 1968 and won the nomination.
 
You'd have to ask just *how* Wallace wins. If it's because of some terrible last-minute scandals destroying both Nixon and Humphrey politically, Wallace's victory will be seen as a fluke, and very few lawmakers, for example, will abandon the old parties for the AIP. And it's hard for me to see any other way he *could* win as a third-party candidate.
 
An outright win scenario for Wallace is particularly difficult, since Wallace's goal was to try to deny either major party candidate a majority, deadlocking the electoral college and giving Wallace and his allies leverage to demand policy concessions in exchange for putting either Humphrey or Nixon over the top (either in the Electoral College, if Wallace has his Electors vote for whoever he cuts a deal with, or in the House where presumably Wallace-aligned Southern Democrats would hold the balance in a contingent election).

A deadlocked election isn't that implausible: Nixon carried Ohio, New Jersey, Missouri, Alaska, and Illinois by less than 3% and California by just a hair over 3% (total of 124 electoral votes, with Nixon needing to get 32 electoral votes fewer than OTL to fall short of a majority). 1.5% of OTL Nixon voters switching to Humphrey or 3% staying home or voting for Wallace in any three of those states would have deadlocked the election and given Wallace his intended "win" condition of deadlocking the election and setting himself up as kingmaker.
 
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