That's exactly what McFaul suggested, and it's frankly absurd. Putin is quite popular, even my modern, non-Putinist friends in Moscow think he would win a fair election. Besides, he never lost an election, it's not that he lost and stayed on, that's not the issue.
And every one already knows that there are democratic countries, it's not like Russians would suddenly stage a coup because Ukraine has a fair election. Which they won't have any time soon, by the way. Ukraine is more corrupt than Russia.