The third and least significant contender for the throne is the powerbloc forming around and instigated by House Formorian. Lord Kaled (son of Balor, son of Belshazzar, son of Dios) has asked the College of Heralds to confirm him as King and has begun gathering what allies he can, which so far consist of the Free City of Sarantium, though the prospects of House Darios, House Olympus, and House Tremere joining them are still good.
Formorian possesses no significant allies outside of Chaos, no powerful artifacts save for Olympus' Logrusfoil, Love, a legal claim so weak a child could likely defeat it in legal debate before the College, and no compelling political platform to inspire grass-roots support from the masses. Also, most other Chaosians find them creepy. They are now one of the strongest military powers in the Courts, but not as strong as House Suroth, and not as strong as the assembled Hendrake Coalition as a whole. It seems quite unlikely that Kaled will ascend to the Throne.
It should be noted, however, that while Kaled is generally regarded as crazy, one does not survive long as a Great Lord by being stupid as well, and that he perhaps knows more about his capabilities than we do.