First, there is no incumbent or quasi-incumbent. Second, it is a wartime election. Third, the primary schedule is compressed and confused. Fourth, the Democratic front runners are a woman and an African-American. And fifth, the Republican front runners are a Mormon governor of Massachusetts, a pro-choice New York mayor, and a TV actor who is a former lobbyist.
Kristol gives excellent explanations of the salience of each of these factors. His conclusion is that someone not in the top tier might win the whole game. I don't know if he is right but his arguments are persuasive. I like his conclusion:
Every presidential election, it's been said, breaks one political rule. This one may break them all.