I'm fairly sure that Alric WOULD be normally a fairly strong contender for the spot, simply because:
-He's won the title before and hold it for multiple terms. If nothing else he's a great duelist. Dragomas made it look easy, but Dragomas also crossed an expanse as a Journeyman that would put Lord Magisters at significant risk of misadventure.
-He has quite a bit of political support from accumulated political favors from his tenure. Power builds power, people remember the favors they owed from when he did them a good turn.
-He's still holding onto the Light College after everything. Not all the time, but by the above two points, that he's even in the running says he's really that good, leading a secret cult, or both.
The Greys don't like the whole mess, but the other Colleges may not feel so strongly about the matter.
That said I'm not sure why Mathilde would need to contest for the title to enact her Waystone plans, because last we heard, College leadership already wants in on the Waystones, there just hadn't been a proposal likely to end well yet.