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I'm not missing anything. Read the Constitution itself. The 22nd Amendment says, and I quote: "No person shall be elected to the office of the President more than twice". You seem to think it says "No person shall BE President more than twice" or "No person shall SERVE MORE THAN TWO TERMS AS President." But it doesn't say that. It says what it says. And, because it says what it says, it bars two living Americans from running for President. But it does not bar those two Americans from becoming President via the Vice Presidency, or via the office of President Pro Tempore of the Senate (4th in line of succession) or via the office of Secretary of Veterans Affairs (17th in line of succession). All it says is you can't be elected to the Presidency more than twice.

Think of it this way: Back in the late 1940s and early 1950s, when this Amendment was being debated, people weren't worried about some popular politico Grover Clevelanding his way in and out and in and out of the presidency (a la Winston Churchill and the Prime Ministership). In other words, they weren't morally outraged at or mortally offended by the prospect of someone simply serving as president for more than eight years. Instead, they were worried about an FDR-like creature using the power of the presidency to see himself reelected indefinitely, becoming a de facto dictator. Thus, they put a limit on the number of times someone could be ELECTED president, not how many times someone could SERVE as president. If the president makes it in for a third term via the vice presidency or the Speakership, for example, he wouldn't have done so via the FDR route, which is what they were trying to avoid.

But it does not bar those two Americans from becoming President via the Vice Presidency, or via the office of President Pro Tempore of the Senate

Ummmm.... yes, I'm afraid it does.

You make some interesting points, unfortunately they'll be quickly dismissed by the USSC if Bill Clinton runs for VP.

Nice semantic hairsplitting, but it just ain't happening.

Yes, the amendment says ELECTED. But look at it this way. If the President dies a week into his first term the VP takes over. If the now President is successful in being elected President in 4 years he can NOT run for president again. Even though he has been ELECTED only once. Not sure of what the particular time frame is, but serving a portion of an unfinished term greater than a certain length qualifiys as 2 full terms and therefor one can not run for a 3rd term. Even though they have only been ELECTED once.