Lisa Murkowski concedes Alaska senatorial primary to Republican rival Joe Miller

Incumbent Republican senator Lisa Murkowski has seen the writing on the wall:

Incumbent Lisa Murkowski has conceded to challenger Joe Miller in the Republican primary for U.S. Senate.

Speaking to reporters at her campaign headquarters in Anchorage, Murkowski said "based on where we are right now, I don't see a scenario where the primary will turn out in my favor."

The concession come after a day of counting absentee ballots in which Murkowski gained little ground on Miller, the Fairbanks attorney backed by former Gov. Sarah Palin and the Tea Party Express.

Murkowski's campaign has already brushed off calls for the Senator to run under the banner of a minor party, like the Libertarian Party. Alaska's Libertarians, who appear to be a principled bunch, have already announced they don't want Murkowski as their candidate, period.

Since Alaska has a sore-loser law, Murkowski cannot file to run as an independent. If she's desperate, she could run under the banner of the Alaska Independence Party - a fringe minor party that supports Alaska's secession from the United States - or she could run as a write-in. The former wouldn't be an option if the AIP follows the Libertarians in rejecting her as their nominee.

But it sounds like she's done:

During a speech in which her voice wavered at times, she said that once she completes her term, "I'm coming back home."

"I'm looking forward to coming back home with my family and looking forward to building this great future, a great future that will not only be with my family but helping to fulfill Alaska's promise, because there's still so much work that remains to be done.

"You are who I am," she told Alaskans.

If she wants, she could probably land a comfy lobbying gig working for an oil company like BP in the near future. Or she could retire quietly to the Last Frontier.

Whether's Miller victory will benefit the candidacy of Democrat Scott McAdams remains to be seen. It certainly shakes up the contest. McAdams is likely to get a boost in resources and buzz with Miller as his opponent. With Murkowski out, McAdams is competing for a newly created open seat.