Except the people don't elect the president, the states do, as it should be IMHO. So as I see it the goal is for each state to cast it's electoral votes for that which represents it's population's desire the most accurately. The current first past the post popular vote devolves into a two party system. I would to see one state try instant-runoff voting to allocate it's electoral votes, as I suspect it would give third parties a far great chance of winning in the electoral college.
These charts, which I did not create, should explain why instant runoff voting is less than ideal. In particular, its nonmonotonicity (a candidate getting more votes can cause them to lose) is problematic, IMO.