There was no reason for the voters to replace Clinton in 1996. Powell and McCain would have been forced to run a campaign identical to Dole's. Simply attacking Clintons character and not his record. Both would have ended in the same result, IMO.
I don't agree that there was no reason to replace Clinton. I think anyone who thinks Colin Powell wouldn't have walked into the Oval office if he'd wanted is deluding themselves. He was Eisenhower all over again, only more so because he'd take many black voters from the Democrats.