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The effect varies with the details of the situation. The minor party can be a splinter group off of a major party , in which case its candidate will take votes from that major party and perhaps tilt the election to the other party. This is what happened in 1912 when Theodore Roosevelt who had been a Republican ran on his own ticket.

It is also possible that the minor party will take votes more or less equally from both major parties and serve as a voice of protest which may be picked up by a major party in the next election, but have no direct effect on that election.

Another possibility is that the minor party has a strong regional following and actually wins enough electoral votes to prevent either major party candidate for getting a majority and therefore the election is decided by the House of Representatives with some slight chance that the minor party candidate would win.

If the House elects a president, each state gets one vote, so the 26 smallest states could in theory pick the president.

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Q: What is the effect of a strong minor party candidate on the major parties?
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