I don't see how it's a toss up when all the Democrats need are the Kerry states + VA, NM, NV.
New Mexico and Nevada are practically freebies at this point. That just leaves Virginia, which is probably one of the most obvious trending states in the country. Even if the national vote shifts 3% toward the GOP from 2012, Virginia would still be winnable.
It's just not a workable map for the Republicans. They NEEEEEED a realignment.
The realignment will come when one of three things happens
1. Dems preside over a recession
2. Dems preside over a foreign policy debacle
3. Demographics result in more whites voting GOP and states flipping. Older white states like MI, PA, WI, IA become solid GOP and AZ, GA, NC become Dem.
As whites decline as a % of the population, white will give a larger and larger % to the GOP. In fact it is already happening albeit slowly. By 2030-2040, I could see the GOP getting 70-75% of the white vote.
Or...maybe...
4. The GOP is no longer competitive in national elections and simply has to alter it's party's policy stances in order to appeal to a broader base.
Of the four, I would say 4 has the best chance of actually happening.
They pretty much have been for the past 30-35 years now, at least since 1980. The 90's elections were kind of wonky due to Perot but other then that it's been the same ol'red state/blue state we've seen over and over.