Major campaign underway to nullify Electoral College

[catographer]

Analysis of why this would cause unintended consequences:
https://www.realclearpolitics.com/articles/2018/05/25/popular_vote_plan_would_do_more_harm_than_good.html

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1) You can theoretically win with 27% of the vote under the electoral college already
2) The two party system would still be a thing as long as first past the post is used.
3) I fail to see how it's a bad thing if third parties become relevant.

You're absolutely right. Two party system would be in tact. Think about it this way: we already elect all 50 state governors by a simple FPTP plurality vote. It would be exactly the same, but if the entire country was a state. Gubernatorial elections are almost exclusively two party affairs where the winner often has an overall majority.