Recent political upheaval in Paraguay has kept the 2028 presidential race wide open, with no candidate exceeding 18% implied probability amid a crowded field of pre-candidates. The November 2026 impeachment of President Santiago Peña and Pedro Alliana’s ascension to the presidency through August 2028 confer incumbency advantages to the Colorado Party loyalist, yet internal party factions and registration of new movements have prevented consolidation. On the opposition side, Ricardo Estigarribia’s push for PLRA-led unity talks, Miguel Prieto’s positioning via Yo Creo, and calls for consensus tickets involving figures such as Basilio Núñez reflect ongoing fragmentation that dilutes any single contender. Primary outcomes in late 2027, opposition coalition agreements, and further legislative or economic developments could consolidate support ahead of the April-May 2028 general election.