Fuck term limits. That's absolute stupidity. But RCV, if the country went for it, would certainly put a giant dent in the need to spend billions on campaigns. I think it would change the whole landscape so profoundly, they would seriously have to rethink that nonsense. Also, the election cycle should be waaaaaaaayyyy shorter than it is.
RCV lets you rank every single person who is on the ballot. Top to bottom. They count all votes for one round and throw out the bottom vote getter. Then they do round 2, and throw out the bottom. Then count round 3, etc, until there is a clear winner. Every single person who votes has had the opportunity to rank all candidates, so if a Bernie Sanders were running, he could actually win. It shouldn't change anything about how the three branches of government run. It's just a far more egalitarian way to vote. And truly fuck the electoral college. No need for that shit, ever.