The state of Iowa and the caucus process itself is tailor made for Pete. No close seconds... he needs to place first at the end of counting or he's in some real trouble going forward. It's all uphill from here.
For opposite reasons, Biden's demise is being greatly exaggerated. He should still be the favorite to win the nomination. Unfortunately for him, this result doesn't make him look good as the eventual nominee. A fourth place finish in IA shouldn't give anyone confidence that he can win back the Midwest/Rust Belt.
I don't buy arguments that this was a disappointing night for Bernie. The progressive vote is being split between him and Warren, and he should do even better than Liz in states that aren't so white. I expect him to win once the vote is fully counted. Only haters can see any downside in placing first against this crowded a field.
As for Liz, I was disappointed at first but I'm coming around to thinking the night was a decent showing for her. She should get a bump from the last third left to count.
Klob, Yang, and the others who campaigned in Iowa should drop out. It's a four person race, with Bloomberg replacing Pete by Super Tuesday.