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no electoral winner means congress decides who the president is. It's happened before. It's how Andrew Jackson got elected.
John Quincy Adams won that election, despite Jackson getting more EC votes and a higher popular vote. Jackson then won the next election normally.
But that election didn’t even have a second party candidate. All four candidates were from the same party. So a third party candidate causing a contingent election would still be a big deal. And it would just be funny.
I also imagine a possible scenario where the third party candidate tells their EC voters to vote for Biden or Trump as faithless electors, with some sort of concessions, potentially even the Vice Presidency.
You're right, I misremembered the winner of that one