The impeachment and removal of President Santiago Peña amid a banking crisis, followed by Pedro Alliana’s ascension to the presidency on November 6-7, 2026, has reshaped the 2028 contest by giving Alliana an incumbency platform within the dominant Colorado Party (ANR). Internal ANR divisions between the Honor Colorado faction, dissident groups led by figures such as Arnoldo Wiens and Mario Abdo Benítez supporters, and Senate President Basilio Núñez keep multiple candidates competitive for the party nomination. On the opposition side, PLRA and other parties are advancing unity talks to consolidate behind one contender, with Ricardo Estigarribia, Miguel Prieto, and Eduardo Nakayama positioned as leading alternatives. Recent municipal results showing opposition gains in Asunción and Ciudad del Este underscore voter dissatisfaction that could narrow or widen gaps depending on whether Colorado factions reconcile or opposition alliances solidify ahead of 2027 primaries.