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538 has Trump's support at his 2016 final levels. This is relevant to note because, in both prior elections, the polls were extremely good at predicting the baseline margins from diehards and registered, and the error came from badly guessing the undecideds wrong.
Unless this is the first election in a long long time to actually get the baseline wrong or literally 100% of the undecideds go to Harris, Trump's got above 2016 in raw percentage totals basically locked in(in 2016 a ton of people went third party so neither he or Hillary actually crossed 50 percent, Hillary was 48.2 and Trump 46.1). In 2020 it was 46.8 for Trump and 51.3% for Biden. If things continue to trend that way Trump will be close to his 2020 total percentage locked in and thus will almost certainly be higher in the final count. The people genuinely leaving Trump will mostly be former undecideds, not the people locked in, so this number isn't being shifted as much. That does suggest that, even with his general ceiling region not shifting a ton, he's probably set to break 47% in the final number if not more (Trump was polling sub-45 in both 2016 and 2020 so 48 is also plausible).
This matters mostly because not every undecided is going to break for Harris or Trump, there will be people sticking third party who most polls lump in with them or at least contribute to the 'Not Harris or Trump' number, and this is one of the few areas where the general trend is not in Harris's favor. Just broadly speaking this is the most left-wing Third Party batch we've had since 2000.
As much as people love to say voting third party helps Republicans, that hasn't been the case in a while, the Libertarians have been the strongest for a long while and they usually siphon off more Republicans, especially Anti-Trump Ron Paul types. They probably cost Trump Georgia in 2020. But the Libertarian party has been in a state of collapse since 2022, there was an attempted takeover by a hard right clique, which lead to a nasty party schism that left the party not cooperating, then a ton of Hardliners defected to Trump when the Moderates got control of the primaries, and then to make matters worse RFK joined in around that time taking most of the right wing moderates and leaving the Left Libertarians to put Chase Oliver on the ticket. So a ton of Libertarian voters either left with the hardliners for Trump a year ago or left for RFK who in turn endorsed Trump likely redirecting some more of them to him, and what's left is the most Left-Wing Libertarian the party has run since the 1970s.
Then there's the fact the Constitution Party has been steadily weakening for years, they lost their status as the Number 3 Third Party in 2020 to the PSL, and this year they had a schism between the Mormon and Protestant factions. They also mostly take Republican Votes. Or the fact the usual coalition of small right wing parties all working together to back one candidate(Rocky De Le Fuente last time) are all gone. Why? They all hitched to RFK Jr, and he dropped out too late for any of them to pick new guys. (That I honestly suspect was the real goal of his candiacy. Wipe out the small right wing third parties and weaken the Libertarians).
On the other foot, the Greens are proportionally stronger as Jill Stein has better name recognition than Howie, the Party for Socialism and Liberation is surging with youth support and is set to break their all time record again, and Cornel West...exists.
It could be far worse, lawsuits kept most of them off of most Swing States, Nevada kept the Green Party off and has the Constitution Party, and Pennsylvania and Arizona only have the Greens and Libertarians. Wisconsin and Michigan also still have RFK Jr on them despite Cornel West and Claudia being there. But it's still way more left leaning than normal just from the Libertarian crisis and lack of small right parties even without those new guys.
Let's say around 1.5% of the undecideds go Third Party. Lower than 2020, way way lower than 2016, about on parr with previous years. It's going to be mostly people who would otherwise vote democrat. The Popular Vote to Electoral College margin is supposed to be quite a bit less this year, but sub-Hillary margins nationally are probably a loss. So Harris wants a 2 point lead and there's around 98.5% available. It's gonna be tight.
TL:DR The lower number of undecideds also means that less of them need to break for Trump to give a win, even with the gap between Popular Vote and Electoral College predicted to shrink significantly. Polls have been very accurate at predicting the baseline support, it's the undecideds they suck at guessing.
Trump's baseline just hit 46.1%, 2016 final levels(not 2016 baseline that was barely 40%, big difference) and at the rate it's slowly creeping up could be at or close to 2020 final levels, 46.8%. Harris has been stuck at 48 and a half points for a bit. Assuming this trend holds another 4 weeks we're looking at something like 48.8 to 46.8 baseline nationally or in that general area. Some of those undecideds are going for third parties, likely more left leaning ones.
All that accounting for if Trump wins just half the undecideds the final result gap would be around 2 points, similar to 2016 if not slightly smaller, which is probably a Trump win. He's converted enough to diehards he's gone from needing 2/3+ to just half. And Trump won with the undecideds both prior elections. Harris is improving, absolutely, but the changing third party situation is a braking factor absorbing and neutralizing it to a degree(in 2020 and especially 2016 Trump was bleeding more votes to guys like Gary Johnson, Jo Jorgenson, Rocky De Le Fuente, and Evan McMullin. This year the third party composition has shifted left thanks to the rise of the PSL, strengthing of the Greens, RFK Jr killing the small right wing bloc, and Libertarian infighting.). So this change was a net negative and Harris's growth has been somewhat absorbed in neutralizing this. That's also probably why Trump's raw base total is up, among other things a lot of hardliner Hoppean or Rothbardian LIbertarians jumped ship to him when Chase Oliver and the moderates won the party.
Take a swing state for example. Less accurate overall, but just a hypothetical, and it's a clean "get the most votes and it's yours" so no need to guess ratios. According to 538, There's 4 and a half points not locked in, Harris is leading by 0.4-0.7 and it's fluctuating day to day. Pennsylvania isn't a super 3rd party happy state compared to some of the sunbelt, and PSL and Cornel didn't get on, so that's a bit more favorable. Let's say 1 point goes to third party, a bit more Harris thanks to the internal shifts, but not by much. Of of the remaining 3.5, if 63% were to go to Trump, that's it, even with the best case 0.8 point base lead Harris loses. If it's more like 0.4 Trump just needs around 55% of the undecideds. That's it. And this state is better in the third party spread than some others. Trump won more than those numbers from them the last two elections.
The only thing I can see really shifting it, is people saying they'll support trump to stay in with their communities, then making excuses why they stayed home on election day.
And if I'm honest, that's a hell of a hail mary pass.
Breaking the Libertarian Party as badly as it's been broken(they're polling like a quarter of what they did last time) is crucial in a way I don't think people understand. That's probably where a lot of the young men gains are coming from. They're polling worse now then they got as final results last time. I don't think it can be understated how bad that is, third parties are lucky to get half of what they see in polling. They'll be heading to losing 75% support and most of the remaining 25% are going to be Leftist Libertarians who would probably break Democrat if they had to. The Hardliner Hoppeans and Rothbards are obviously going for Trump and a lot of the Moderates went to RFK Jr who in turn endorsed Trump.
That and the COVID deaths thing was always a bit overstated. Yes, more Republicans died. But like a third more. It's like 44-56. Democrats tend to live in cities which aren't exactly the safest places to be in a pandemic, had Trump not been a moron and just sold MAGA masks or something the democrats would have almost certainly been hit worse. That and some of those Republicans would have died anyway as they tend to be older. The actual net loss compared to usual 4 years is like a point or two, nothing monstrous. They've slipped with older white guys who Biden was running up the margins with, young guys are slipping, Hispanics are holding firm, it's basically a race between that and the black and female gains.