President Biden
He’d be better than Obama. But wouldn’t the dems have to forfeit the election entirely?
No. There's no precedent for this sort of thing, but the most likely scenario is that the electors would become free agents. Electors tend to be committed partisans; that's why they were picked for the gig in the first place.
If the Dem electors were prohibited from voting for Obama, they'd be on their own. The most likely case is that they'd caucus amongst themselves and come out with a vote for Biden. Next most likely is that they'd caucus and come out for Hillary. Whichever way the vote went, they'd have evert party official in their home states burning up the phone lines.
There are scenarios where the election could go to McCain, but the race isn't close enough for them to be remotely likely. If a swing of a few electors could turn the race, that would be one thing. But it would take nearly 100 electors switching to make that happen.
The final fail-safe, if the Electoral College can't come up with a valid result that gives one person a majority, would be for the race to go to the House of Representatives.