Faced with the biggest challenge of its political life on Saturday, the Green Party blinked, and probably rightly so, given the party's lack of finances and organisational muscle.
The problem, however, is not with the decision, but the time it took. It will always be one of the might-have-beens of Irish politics since it offered, perhaps, a once-in-a-lifetime opportunity for the Greens to impose their brand image on the electorate.
Could Mr Ryan have mounted any sort of significant challenge to the President, Mrs McAleese? Could he have got 20 per cent, or 30 per cent of the vote on October 22nd? Or would he have wilted? Undoubtedly, he would have been outspent by the McAleese campaign, which has sent out signals already that serious wallets would be opened to her if she had need of funds.
So the Greens would have had to fight smart and fast, relying on a nimble media campaign and on a candidate who is telegenic, coherent and likable. However, their first moves did not inspire confidence, with a series of amateurish blunders that irritated those whose support they needed.
Firstly, Mr Ryan failed to move quickly enough to tie down support from Independent TDs and senators, some of whom had still not been approached by Friday evening. By then, hopes of attracting any significant number of them had dissipated anyway, with Labour's entry on to the scene as a possible backer turning them off.
Secondly, Green Party leader Mr Trevor Sargent's press statement on Wednesday, where he talked of Labour's "rejection" of Michael D. Higgins, had insulted many possible Labour supporters.
Yet despite these errors, Mr Ryan was still in the game late on Friday night because of on-the-record commitments of support from eight Labour TDs, and the prospect of more to come.
The mood began to change on Friday following the brief meeting between Mr Sargent and Mr Rabbitte and his special adviser, Mr Fergus Finlay.
Following a difficult few days the Labour men were concerned that too many of their party supporters were infuriated by the treatment of Mr Higgins.
On Saturday senior Green figures and the Labour Party's deputy leader, Ms Liz McManus, chorused that Labour could not be the dominant player in Mr Ryan's nomination.
In response to questions about the on-the-record commitments, the Greens emphasised that journalists had got it wrong: the support was conditional and was being progressively withdrawn.
Perhaps so, but it is unlikely.Labour TDs who had given public pledges could have reneged, but would have continued Labour's embarrassment.
Instead, Mr Sargent and other leading figures in the Greens, who never wanted Mr Ryan in the race in the first place, had more ammunition to end the debate. Significantly, Mr Sargent said Mr Ryan had seen "the writing on the wall" at Saturday's National Council meeting, and withdrawn his own name. A chastened Mr Ryan said: "It is also very important that we have a change of Government in this country and we have to work with some of those parties. That work has to take precedence."
And this is the key. Faced with negative headlines and Fianna Fáil's scathing contempt, Mr Rabbitte needed the affair ended, and quickly. So, too, did Fine Gael, given the damage to the public image of the rainbow coalition.
And so the National Council delegates in Darrara, west Cork, were indulging in a somewhat false debate. In its mid-week statement, the parliamentary party, united in public but divided in private, had endorsed Mr Ryan's candidature, subject to financial and organisational demands. This was nonsense. Each member knew the Greens' financial status and back-room abilities and resources. Therefore, the parliamentary party had two choices.
It should have either backed Mr Ryan fully and been prepared to go united before the National Council to argue for a campaign funded largely by the State's €260,000 subvention and donations. Or it should have brought the matter to an end there and then by forcing Mr Ryan to pull out.
Instead, the desire for cosy consensus, where harsh words are more often said behind people's backs than to their faces, has simply made them all look foolish.