Paul poses an existential threat to the state’s cherished kick-off status, say these Republicans, because he has little chance to win the GOP nomination and would offer the best evidence yet that the caucuses reward candidates who are unrepresentative of the broader party.

“It would make the caucuses mostly irrelevant if not entirely irrelevant,” said Becky Beach, a longtime Iowa Republican who helped Presidents Bush 41 and Bush 43 here. “It would have a very damaging effect because I don’t think he could be elected president and both Iowa and national Republicans wouldn’t think he represents the will of voters.”

What especially worries Iowa Republican regulars is the possibility that Paul could win here on January 3rd with the help of Democrats and independents who change their registration to support the libertarian-leaning Texas congressman but then don’t support the GOP nominee next November…

“People are going to look at who comes in second and who comes in third,” said Gov. Terry Branstad. “If [Mitt] Romney comes in a strong second, it definitely helps him going into New Hampshire and the other states.”