I think the Tories might be in with a shot here. If they can ditch Badenoch and get someone who isnt obviously batshit - think Call Me Dave here - then the defections of all their loons might be something they could build on - 'We lost or way, but now we've cleared out the fringe loons, so vote for us' - essentially doing what Kinnock/Smith did when they binned the likes of Militant.
They could then take the non-crazy centre right vote, leave reform to pick up the minority of headbangers, and see Labour squeezed from both sides.
I dont think it will happen, because they're still probably too crazy crazy, but its definitely doable, in theory.