It’s constitutionally valid. Here’s why:
1) The 22’nd Amendment does not explicitly make the two term President ineligible for the office of President. It just says he can’t be ‘elected’ anymore.
2) However, even if the Supreme Court decides to interpret the constitution more broadly, such that the former two-term President can not only not be ‘elected’ again but also just can’t be ‘President’ again, in any way–he can STILL be Vice President.
This would be with the proviso that if Biden dies in office, Obama would have to be passed over as next in line and the Presidency would instead go to the third in line–the Speaker of the House.
No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once. But this Article shall not apply to any person holding the office of President, when this Article was proposed by the Congress, and shall not prevent any person who may be holding the office of President, or acting as President, during the term within which this Article becomes operative from holding the office of President or acting as President during the remainder of such term.
A. Darius Kamali
A. Darius Kamali blog 