Or alternately-

1. He cancels/delays the election due to a national emergency. He could potentially delay until the following Jan 20, arguing all the while that he’s “cancelled” the election. Shifting, contradictory public statements muddy the waters.
2. Some blue states move ahead with elections anyway, arguing that the delay is unconstitutional.
3. The supreme court rules that delay is constitutional with a dissenting democrat minority.
4. Red states claim blue state elections are invalid and an attempted coup (because after January 6th, they love applying that word to things).
5. Blue states select a president, Trump denies the results (we have a precedent for this now) and refuses to cede power to the president elect.
6. As the January 20th deadline rolls around, Trump jails the new president as a traitor, following up on the claims from his base that the election was a coup.
7. January deadline passes, Trump arguing simultaneously that the election was a Democrat takeover AND that the Democrats cheated because red states didn’t hold elections.
8. With no (free) political opponents, Trump releases an executive order stating that the office of the presidency must be filled at all times, and remains in office.
9. Multiple court cases are filed and allowed to creep through the courts before being dismissed for various reasons.
10. People begin to adapt, normalize the situation, and eventually become distracted by a new scandal.