Ericka, it'll be interesting to see what happens there. As I mentioned last week, the Libertarian National Committee passed a resolution asking Paul to seek their nomination for President if he fails to gain the GOP's; however, as CaliforniaYankee posted shortly after, the Texas Congressman's campaign once again said that they have no interest in going third party, period.
I'm still skeptical, but they do keep saying that it's not an option.