Michael Medved has this opinion piece, titled, “Constitution Kills Third Party Bid.” His thesis is that the electoral college makes it impossible for a new party to win the presidency, and therefore no new party will ever replace the Democratic and Republican Parties.
This ignores the fact that the U.S. had the same Constitution (for the most part) in the 19th century, and three times in the 19th century, a new party rose to power on the ashes of an old major party. The Federalist Party died out after 1818 and was replaced by the National Republican Party, the party that ran John Quincy Adams for President in 1828 and Henry Clay for President in 1832.
The National Republican Party died out after 1834 and was replaced by the Whig Party, which continued to exist until the eve of the Civil War, although it didn’t run anyone for President in 1856 and 1860. The Republican Party, which had been formed on July 6, 1854, quickly became a major party.
It is true that the Electoral College system injures a new party, by providing that if no one gets a majority of the electoral college vote, then the U.S. House picks the President, with each state getting one vote. Even though the newly-elected U.S. House, not the outgoing House, chooses the President in January (if no one received an electoral college majority in December), and even though in theory a new party could have also done well in the U.S. House elections, this is a significant problem for new major parties.