Sure, Republicans are excited about big election wins last week. Reihan Salam explains for TIME readers why GOP partisans shouldn’t go overboard in assessing their prospects for the next election.

It’s going to be hard for Republicans to restrain their enthusiasm after their breathtaking victories on Nov. 4 in the Senate, the House and state capitols across the country. But they should. If we’ve learned anything about American politics over the past several years, it is that the electorate is far friendlier to Democrats in presidential years than it is in midterms, which is why the GOP triumph in 2010 was quickly followed by deep disappointment in 2012. At the risk of taking away the punch bowl too soon, GOP victories in states like Colorado and North Carolina were narrower than they should have been, considering that the electorates in those states will be younger and less white in two years, which will make them less hospitable terrain. Ed Gillespie’s near victory in Virginia was a welcome surprise. Yet Virginia is a state that Republicans ought to have in the bag in presidential years, and they don’t.

To win the White House, republicans will need a presidential candidate who understands how the country has changed since the Bush era and who offers a welcome contrast to the aging Clinton dynasty. But who will it be?

If Scott Walker had failed in his bid for re-election as governor of Wisconsin, he’d have instantly become a historical footnote. Instead, conservatives cheered as he won his third statewide election in four years. The case for Walker is that he’s demonstrated that he can fight and win against entrenched liberal interest groups and that his unpretentious, everyman style will play well in the all-important upper Midwest. The case against him is that in a dangerous world, the former county executive doesn’t have the experience or the know-how to be Commander in Chief.

Good news for Walker is, alas, bad news for Chris Christie, the New Jersey governor once considered the most formidable 2016 GOP contender. The Christie brand has lost much of its luster since the trumped-up Bridgegate imbroglio, though the governor is still a great talent. Christie’s pitch is not all that different from Walker’s: Both men have tangled with powerful public-worker unions. Both are unapologetic conservatives who’ve won in blue states. The difference is that Christie is seen–unfairly–as closer to President Obama than any Republican should be, and that perception will be difficult to overcome.

Follow the link above to read Salam’s assessments of potential presidential candidates Jeb Bush, Rand Paul, Ted Cruz, and Marco Rubio.