No one can deny that Modi is under siege now. No one even talks about 'Modi Wave' anymore- even hardocore Bhakts don't deny that there is no such thing now. Upcoming elections in Bihar, Punjab and Bengal- no one gives any chance for BJP to make inroads. If Modi stands for elections today, he'll probably get only half of what he got before.
I think it's clear that modi may not survive after the 1st term, especially if he continues like this. India is looking for political alternatives. No matter what his fault Advani has far more respectability than modi now, since he has maintained the image of a stateman. It is a good time for him to start pitcing his profile forward. But I think it's too late for him- he's too old. If BJP wants to retain its relevance by projecting an alternative to Modi, I think Rajnath Singh or Parrikar (sadly misunderstood by
@Abingdonboy ) might be good alternatives.
On the congress side they're doing the intelligent thing of pushing forward Chidambaram. They know that Rahul Gandhi has little credibility as a mass leader, so I guess SOnia+ MMS style arrangement for RG+ Chidambaram is what is being mooted.
I kinda feel sad for Modi. it was expected that he would be there for 10 years. But like all demogogues India seems intent on ending his reign much before that.