It sounds crazy at first. Amid dire reports about the toxic political environment for Republican candidates and the challenges facing John McCain, many top GOP strategists believe he can defeat Barack Obama — and by a margin exceeding President Bush’s Electoral College victory in 2004.

At first blush, McCain’s recent rough patch and the considerable financial disadvantage confronting him make such predictions seem absurd. Indeed, as Republicans experience their worst days since Watergate, those same GOP strategists are reticent to publicly tout the prospect of a sizable McCain victory for fear of looking foolish.

But the contours of the electoral map, combined with McCain’s unique strengths and the nature of Obama’s possible vulnerabilities, have led to a cautious and muted optimism that McCain could actually surpass Bush’s 35-electoral-vote victory in 2004. Though they expect he would finish far closer to Obama in the popular vote, the thinking is that he could win by as many 50 electoral votes.

By post-war election standards, that margin is unusually small. Yet it’s considerably larger than either Bush’s 2004 victory or his five-electoral-vote win in 2000.

“A win by 40 or 50 electoral votes would be an astonishing upset, just a watershed event with all the issues that were stacked against him from the very beginning,” said David Woodard, a Republican pollster and Clemson University political science professor. “But it could happen. I know this seems like wishful thinking by Republicans. I’m thinking that Republicans could win by 40 electoral votes. But I dare not say it,” he added. “Certainly what is possible could come to pass.”