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You're still thinking of the regionals as upstarts against the prior two parties. Think of them as specializations with loose affiliations with existing parties: not threats but allies. The 'Republican' brand is so marginalized in some places (including large parts of California) that pragmatic national fundraisers have already given up on it.

(I also think you're overestimating the economies of scale in party fundraising: look how much now happens outside the parties themselves -- independent expenditures -- and directly by specific candidates. It's only at the margins in winnable races that national party funds come in, and even that now has to be weighed against the negatives the national brand can bring. The new pools of money -- from both mass crowdsourcing and wealthy crusaders -- care more about winning than 20th-century party labels... and in the national legislatures independents/other-parties can and will caucus with other groups for the purpose of parliamentary procedures.)

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