While true that Election Day 2026 is still more than 20 months away, it’s not too soon to begin speculating about how expensive the 2026 Minnesota U.S. Senate race could be. It could even challenge the record-setting race between Democrat Al Franken and Republican Norm Coleman.

“The cost of these campaigns and the fundraising machines related to these campaigns have advanced so much since that Coleman-Franken race and so it would be in the neighborhood of probably a $100 million all-in race if it’s competitive,” says Republican strategist Brian McClung.

That would smash the record now held by the 2008 Franken-Coleman race. The two candidates raised a combined $45 million in that race. Another $24 million in outside special interest money also poured into that race for a combined $69 million.

The race was so close it went to a recount that wasn’t decided until July 2009. By comparison, two years earlier, Democrat Amy Klobuchar and Republican Mark Kennedy spent nearly $19 million on a race Klobuchar won by 22 points in the 2006 Senate race.

For the 2026 race to reach the lofty spending of 2008  it would require the two major parties to put forward competitive candidates.

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“I’d venture a guess there will be a half a dozen candidates on both sides of the aisle before we get to next year,” former DFL Party Chair Mike Erlandson said in a segment recorded for “At Issue with Tom Hauser.”

DFL Lt. Gov. Peggy Flanagan is already officially in the race and Democratic Congresswoman Angie Craig says she’s seriously considering a run for the seat.

“I think it really comes down to whether Republicans can pick a decent candidate in this race and that’s really up in the air,” Erlandson says.

On the Republican side, 2024 endorsed Senate candidate Royce White is in and so is Adam Schwarze, a 2022 congressional candidate. Many other Republicans are being floated as possible candidates, including media personality Michele Tafoya and several state lawmakers.

“I think you have a lot of Republicans who are just trying to see where things sort out,” says McClung. “In part waiting to see if Tim Walz is going to run for U.S. Senate and open up that governor’s office race because I think for a lot of Republican candidates it might be more attractive to run for governor than U.S. Senate.”

You can see more analysis of this race and all the week’s political news on “At Issue” at 10 a.m. Sunday.