The election is hard fought and bitter, fought against the backdrop of World War II still raging in Europe and the Pacific, and there is a certain resistance to changing administrations from one party to the other during a world war.
There are 531 electoral votes, and Dewey and Bricker fall 1 electoral vote short of outright vcictory, and win more of the popular vote than the Democatic ticket.
In a bitter disappointment, McNutt fails, by a narrow marjin, to carry his home state of Indiana. During his time as Governor, McNutt gained the reputation of being an old style machine politician, and many in Indiana did not like this aspect of his Governorship. As well, McNutt had become somewhat detatched from Indiana since 1937, when he was appointed High Commissioner to the Philippines.
Wallace and Norris carry their home states of Iowa and Nebraska, and McNutt and Byrd hang onto just enough states, forcing the election to the House. The Wallace and Norris wins in Iowa and Nebraska prevent Dewey and Bricker from winning outright in the electoral college.
Due to the fact there is no electoral college majority, the election goes to the House. Wallace and Norris ring liberal social concessions out of McNutt and Byrd in return for their support, and the House elects McNutt President. Byrd is elected Vice President easily by the Senate.
Dewey/Bricker 265 EV 47% PV
McNutt/Byrd 250 EV 42% PV
Wallace/Norris 16 EV 11% PV
In 1948, there is a rematch between Dewey/Bricker and McNutt/Byrd, in which Dewey and Bricker win by a lopsided majority in the electoral college.