What's Next: Not much. Edwards has run a passionate, valiant campaign. That said, Iowa was his must-win state. Sure, he spun his second-place finish there as a vote for change (him and Obama) against the status quo (Clinton). But five days isn't enough time to completely reframe the race--especially when the nation's attention is focused squarely on the two celebrity candidates at the top of the polls. Edwards will finish third tonight, and that will effectively end his bid for president. He and wife Elizabeth have vowed to continue "through the convention.""This is the call of my life, and I have no intention of stopping," he says. Eventually, of course, a campaign without any primary victories ceases to be a campaign for the White House; Elizabeth has acknowledged as much, telling NEWSWEEK's Jonathan Alter that they will "speak up for the voiceless." Expect media coverage of their laudable crusade to dwindle over time--and Edwards supporters to pick Obama (the most popular second-choice candidate in Iowa) over Clinton.

Update, 1.9.08: To all the commenters: I hear what you're saying, and I apologize for sounding dismissive. Edwards has clearly not received as much media coverage as Clinton and Obama (although I will note that NEWSWEEK put him on its cover the week before the Iowa caucuses). That said, I think his underexposure has less to do with money than with the "historic" nature of Clinton and Obama's candidacies (woman, African-American), as well as the "celebrity" status both had already attained when the race began. The media pays attention to those things, sure, but so do readers--it's a vicious, self-reinforcing cycle. When the polls show someone in third, everyone tends to treat him like he's in third. Same as it ever was.

Iowa was the proving ground for Edwards. Because he invested so much time and money there, he needed a win to prove that he was the David to Clinton's and Obama's Goliaths. A second place finish was good, but not enough. Maybe he will suddenly start winning primaries all over the country; I agree that every state should have its say, and his supporters should absolutely keep working their hearts out. But until we get the private money out of politics and come up with a rational nominating calendar, this is the system we're stuck with. Sadly, I don't think it's going to work in Edwards' favor from here on out.