Ross Perot does not reenter the 1992 campaign, thus leaving Bush the older and Bill Clinton as the only remaining candidates. Subsequently, Bush wins a very narrow reelection (I think he would have lost, but assuming he wins regardless). In the open 1996 election, Bill Clinton, reelected governor in 1994 after Democrats made gains in congress as well, decides to try again and gets the nomination. What happens? (Random note: I think Dan "Mr. Potatoe" Quayle would NOT have been the GOP nominee). Perot also doesn't run in this scenario.
The 1992 election:
✓ President George Bush (R-TX)/Vice President Dan Quayle (R-IN): 276 EVs.; 49.2%Governor Bill Clinton (D-AR)/Senator Al Gore (D-TN): 262 EVs.; 48.9%