Looking back on it, the Democrats would have had their strongest field in many years, if not decades.
Mario Cuomo and Ann Richards would presumably have survived in 1994 with no Republican Revolution so they would have been in prime shape. Al Gore would have been tarnished a bit with the losing Clinton ticket but could have been a strong contender. Paul Wellstone would have made a good grassroots liberal candidate. You'd possibly also have Bob Kerrey from the '92 field.
On the Republican side, Quayle might get something close to a free run. Bill Weld (who was often talked of as presidential contender) might challenge him from the left. Pete Wilson and Pat Buchanan, both significant figures around this time, might still have entered.