In May, when a Problem Solvers Caucus member, Representative Brad Schneider of Illinois, said he wasn’t into this idea of a third-party ticket, No Labels sent this insane text to voters: “We were alarmed to learn that your U.S. Rep. Brad Schneider recently attacked the notion that you should have more choices in the 2024 presidential election.”

On Monday night, when the moderator asked about the widely shared concern that No Labels would throw the election in Mr. Trump’s direction, Mr. Huntsman said this was “the latest talking point” and then actually compared No Labels critics to Russian and Chinese authoritarians. “So if you live in a place like China or Russia — and I’ve lived in both, running both U.S. embassies — they don’t allow any choice,” he said. “There’s no participation. They’re complete, pure authoritarian systems. So when I start hearing people here say, ‘That’s not a good thing. You shouldn’t do things to expand and enhance our participation in the system. It might result in A, B or C losing,’ I say, ‘I’ve heard that before — but not in this country.’”

Alongside the group’s strangeness, there’s also been an earnestness that in the end, people still want the kinds of things they wanted before, in the 1990s and 2000s in particular. No Labels is this last refuge, a resting place inside and outside the two parties and a half-finished Washington dreamscape. In New Hampshire, the Manchin-Huntsman event drew a crowd that on the surface looked like a Republican event of 20 years ago — collared shirts in shades of blue. That kind of voter, in New Hampshire or suburban Atlanta or Colorado, can feel the Republican Party falling away from them in real time.

And the country can feel like it’s in fading, chaotic straits more often than anyone would like. Voters do not want what they seem likely to get in a Biden-Trump rematch. This fact is the firm but vibrating floor beneath the No Labels project and the panic it has produced — the recognition that we’re approaching a 2024 election that will make American voters unhappy. But how unhappy? Unhappy enough to resume voting for protest candidates? Unhappy enough to vote for a mystery unity ticket, only on the principle of their unhappiness?

I don’t know that the electoral effects of No Labels are as clear as people say. It’s possible that running Mr. Manchin and Larry Hogan, a former governor of Maryland, would peel off those old-school suburban Republicans who voted for Mr. Biden, or that those voters might be the ones who would otherwise stay home or return to the Republican fold, or that few people would risk a third-party vote anyway. What is real, though, in a deep and human way, is that plenty of people fear a second Trump term and are dissatisfied with how life is in America. And No Labels is here to take advantage of that sadness with a half-finished idea.