Jumping the gun a bit? (I've noticed a bit of a tendency for this forum to do that). The betting markets still him have at ~20% to win the nomination. That's a big hit from post-Iowa when he was over 50%, but still respectable.
What's going for him is there's no other obviously superior candidate in the establishment wing. Kasich did well in NH, but will likely struggle in closed primaries and conservative states. Bush beat Rubio, but not by very much, and he did do much worse than Rubio in Iowa and still has all his baggage.
What is the case is that the "establishment coalesces around Rubio" scenario that seemed eminently possible a few days ago has failed to come to pass. Kasich and Bush are going to stick around, when in a different world they could have both dropped out and endorsed Rubio. So Rubio's back to approximately the pre-Iowa status quo. He has the potential to become the establishment standard bearer, but will need to find a new opportunity for his big break.
If it takes until after the SEC primary for the "establishment" to consolidate, it's already too late.
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