The latest 3 News-Reid Research poll shows Key could not be Prime Minister without Peters' support.
Key's campaign mantra is that National represent stable government. I would like Key to explain where a "nutty liar" fits into a stable government.
You see, Peters wasn't just making mischief - he was making real trouble for Key.
Peters told me that when Collins was riding high as a leadership contender before the Oravida scandal, the bag man approached him saying if it was untenable for him to work with Key after the election, could he work with Collins in charge?
The upshot was that Collins was prepared to roll Key if it meant getting Peters on board in a kingmaker situation.
Peters was trying to wreck things for Key, to hurt him. Peters wanted to smear Collins, embarrass Key and show National as riven by factions.
It put Key in an invidious position. Either Peters is lying, and in that case a totally unsuitable partner in Government.
Or Peters is telling the truth, and Collins is disloyal, despite everything Key has done for her.
Key hasn't really minded all the voodoo pins that Peters has been poking into him over the past three years; in fact, he often looks at Peters like a bit of a joke.
But now it is getting serious. Peters is dangerous, the voodoo pins are hurting.
Peters is driven by two things right now - firstly, utu from Key for ruling him out in 2008. And secondly, the desire for a legacy after almost 40 years in politics. And if Key needs NZ First to form a government, Peters can get both utu and the legacy at the same time. Peters will want to make Key bow to him.
A likely shopping list could be Deputy Prime Minister, blocking the sale of Lochinver Station, and a programme to buy back the sold-off assets.
Key won't want a bar of this. Expect to see Key starting to take Peters head-on in a high-stakes game of political chicken.
Key knows he is set to have something of a moral mandate as the biggest party, and that Peters is unlikely to go with a weaker Labour with the Greens (Peters has ruled out Internet Mana).
Key will want to start showing Peters - and voters - who is boss.
Peters is again the kingmaker acting like he is King. Key thinks he is the king. One thing is for sure - madness will ensue.
WINNER OF THE WEEK: Winston Peters. Over the 5 per cent threshold, and back as the centre of attention, where he's happiest.
LOSER OF THE WEEK: Judith Collins. After weeks of speculation an email finally brings her down.
