0bama is not planning on allowing an election to take place.
The way I see it, if Obama decides he wants a third term, the Democrats in Congress will not kick up a fuss. Especially if Hillary has imploded and the Republicans are surging -- cancel the election and just give Obama 4 more years: one major party won't complain.
On the other hand, if the establishment Republicans have dropped out, and if Trump looks like he's the Republican who would succeed Obama, I think the Republicans in Congress would support a third term for Obama. Another major party that won't complain about a cancelled election.
And the people? There is no evidence that We The People would try anything.