So if you eliminate everyone Trump still leads pretty clearly. Looks like another establishment narrative is blown away.
Yes and no. Rubio picks up 2/3s of the support from Cruz, Kasich and Carson so there is a point that if the field narrows, Rubio gets more competitive (at least in the South). But that is a moot point as the field isn't going to narrow before Super Tuesday.
Yes, the point is, in a one-on-one contest, Rubio vs. Trump, the race is competitive, nationally. As shown by this poll, where Trump's advantage over Rubio shrinks from 17 points to 4 points if you switch to the 2-man race. Since Trump is a bit stronger in the South than he is nationally, that probably translates to about a tossup nationally, which is consistent with other polls.
So if everyone dropped out except Rubio and Trump, Rubio would have a chance. Unfortunately for him, it's unlikely that everyone else is going to drop out any time soon.