The Tories have no hope for the next election. Survival is their highest ambition as things stand.
But if they can survive, the field will be open for the next but one election.
Labour won’t win in 2029 and I doubt that Reform would join with the Tories in coalition so we’d be looking - probably - at a minority Reform government.
I have very little doubt that Reform will crash and burn in government. On any sensible view it’s just a protest party. It has no other offer.
So we’ll be back to a right-left Tory-Labour contest - if both parties can stagger on. Otherwise, who knows…
The one thing the Tories should not do is ditch Badenoch before the next GE.