If no candidate receives a majority of electoral votes, then the election goes to the House of Representatives. As a result, Martin Van Buren helped push for a stable two-party system back in the 1800s as a way to mitigate the need for this back-up method to choose a victor. Without the Electoral College, the United States could move to another voting system that more actively encourages third party and independent engagement without the fear of an election in the House or playing "spoiler" in your specific swing state.
@9GN4G2P6mos6MO
I do not think that the Electoral College currently holds back third parties as it is unlikely they will get the votes anyway. still, I think if there ever was a third party that got some attention, it would most likely hold them back and I think overall the Electoral College is a very poorly thought out and unnecessary system.