So, not surprisingly, Sanders is out (yes, I know that technically all of the candidates "suspend" their campaigns to hedge bets against some future scenario where reactivating it could lead to nomination). His campaign has been largely inactive and in "winding down" mode, doing things like canceling ad buys, since Michigan. As I said on the bonus podcast (via Patreon) after Michigan, the math for winning the nomination simply was not there anymore.
Way back in January I laid out a path to the nomination for him based on a gaggle of other Democrats splitting the remaining vote. Once most of the candidates bailed and the Not Sanders vote coalesced around Biden, there was no real chance short of Biden exploding into a cloud of glitter that Sanders could win. So, from that perspective, the timing of exiting the race makes as much sense now as it would have in a month or whatever. I've read arguments that there was no reason for him to quit – his cash situation is strong – but that's the flipside of the argument that there's no reason for him to continue. It's difficult to prove either proposition correct there.
There has been some discussion of the value of staying in long enough to collect 25% of all available delegates, which would earn the campaign a spot on the DNC Rules and Platform committees. This would give it some minority input on rules for future nomination contests, as well as the ability to propose things that the whole convention would get to vote on. I guess that could be useful in theory, but it's a stretch. It's hard to see any serious Sanders-proposed changes being adopted by the convention or party as a whole, so perhaps I'm being cynical but it seems mostly like it would be an opportunity to make a lot of noise. Maybe I'm overlooking something more useful.
I don't get the sense that the campaign or anyone supporting it is really interested in establishing some kind of Victory Narrative; explaining how a defeat was actually some kind of victory is one of the things that faction likes least about the Democratic Party. Politics is about power and moral victories are for losers. The way I see it, there is no "victory" but it is impossible to overstate how much impact this guy has had on the rhetoric and ideological window that defines Democratic politics now. Mainstream candidates aren't talking about – at varying levels of sincerity, obviously – universal healthcare and debt relief because Hillary Clinton inspired them to or because they read about it in some white paper. A guy ran on what used to be the mainstream liberal platform, which now counts as the Far Left because the window has shifted so far to the right. Other candidates saw that he gained support with it and they moved in the same direction. No, I don't really think any of the other candidates have a real strong commitment to like, Medicare for All. I think they're just talking about it. As sad as it is, that's a big improvement over where we've been for most of my lifetime.
It's difficult to see how this will play out moving forward, but down ballot I think it's crucial for challengers on the left to press mainstream Democrats. They'll have a hard (but not impossible) time winning, but it's absolutely essential to have some kind of counterweight to the reflexive tendency to keep moving to the right to appeal to "moderates and Republicans" which, for the ten thousandth time, doesn't even work.
Other than organizing and demanding concessions in return for support, there really is nothing else to do. The next step after that fails is lobbing Molotovs.
As for Biden, all I can say is the Democratic Party better be right about his "electability." If they lose to this fucking clown a second time with a hand-picked party insider at the top of the ticket there will be no saving them.