While I think Reagan would do worse against Humphrey, this is McCarthy, the hippy candidate. Therefore, the anti-hippy vote, personified by both Reagan and Wallace, does very well in the election. Reagan probably goes the same "Silent Majority" route as Nixon. Meanwhile, Wallace is able to pick off even more of the Southern Democrat vote. With blue-collars flocking even more away from McCarthy, Reagan does very well and Wallace benefits as well.
Governor Ronald Reagan (R-CA)/Governor Jim Rhodes (R-OH) 332 electoral votesSenator Eugene McCarthy (D-MN)/Senator George McGovern (D-SD) 142 electoral votesFormer Governor George Wallace (AI-AL)/Admiral Curtis LeMay (AI-CA) 64 electoral votes