Iain Duncan Smith never fought a General Election as Leader. Therefore, he never lost a General Election as Leader.
His endorsement is now the most sought after. To which of George Osborne and Boris Johnson is it supposed to go? Well, there you are, then. He has every intention of giving it another go. On an anti-cuts and anti-EU ticket.
That, once the referendum is out of the way, will also be the position of Jeremy Corbyn: opposition to the cuts, formulation of an alternative based on investment and on the provision of a universal basic income (a grand old Nixonian idea for which IDS has expressed sympathy in the admittedly distant past), and either negotiating withdrawal from the EU or dealing with it on the basis of the very high vote to pull out.
The difference is that Corbyn already has all the right people on and around his team.