Given Christie’s GOP establishment support in Iowa (today he added a former state party co-chair), it’s also not crazy to think he could finish third in the caucuses despite his currently dismal polling there.
Here’s a scenario that strikes me as not crazy:
Christie finishes third in Iowa, making him an attractive choice for anti-Cruz voters in New Hampshire, and for former Trump backers who now want an electable choice. This would put Christie in striking distance of a victory in New Hampshire.