Romney's Graceful Exit Opens Door to Future Run

Reagan took his battle with President Gerald Ford all the way to the Republican National Convention in 1976 -- only to lose the fight and emerge as a conservative hero who stormed to the nomination in 1980.

Romney is getting out long before the convention -- which will make it easier to repair his relationship with McCain, whom he will almost certainly endorse and work to elect.

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But before that comes, he issued a full-throated endorsement of conservatism, in a direct, compelling speech that featured none of the wooden qualities he's sometimes displayed on the stump.

"Conservative principles are needed now more than ever," Romney said. "There is an important difference from 1976. … We are a nation at war. And Barack and Hillary have made their intentions clear regarding Iraq and the war on terror. They would retreat and declare defeat. And the consequence of that would be devastating."

Romney has years of hard work tending the base ahead of him if he hopes to be Reagan's successor. But he left the race with an edge over perhaps all other comers in positioning himself to become the party's voice and face.

"He's making a down payment on the future, there's no question," said Keith Appell, a Republican consultant who is unaffiliated with the 2008 candidates. "The Republican Party has traditionally been a party of the next guy in line. Looking ahead, if you're not successful this year, you want to position himself as the next guy in line."

Given the political realities, Romney cashed in on his investment at precisely the right moment, said Scott Reed, who managed Bob Dole's 1996 presidential campaign.

"This was the right way to do it -- the right place and the right timing," Reed said. "He's going out on a high."