Since a POTUS could technically serve for 10 years...

[Gary J]

A very popular politician, who could easily have been elected President three times if the constitution permitted it, might on one interpretation of the existing constitution be able to evade the two term limit.

After serving two terms, the popular politician could arrange for some very loyal supporter to be nominated for President and be nominated for Vice President himself. After the ticket is elected, the new President resigns after being inaugurated and the popular politician embarks on his third term. This ruse could be repeated for as many terms as the politicians popularity and health permitted.

The constitution has to be read as a whole, including its amendments in force at the relevant time. When the 22nd Amendment was proposed and ratified, it would in my view have been intended to affect the interpretation of the 12th Amendment so as to prevent the scenario I suggest above.

Of course the popular politician could still use the George Wallace option and have his (non politically active) wife elected Chief Executive, with the politician remaining effective head of the government.