This initiative would eliminate the state's top-four ranked-choice voting (RCV) system, which voters approved in 2020. It would then replace the state's ranked-choice voting system with partisan primaries and general elections in which the candidate who received the highest number of votes won the election, which were in place prior to voters approving RCV in 2020. Known as plurality voting or first-past-the-post, the candidate would not have needed to win an outright majority to be elected. This is the most common voting system used in the United States.

Currently, Alaska uses top-four primaries and RCV in general elections. Under this system, candidates run in a single primary election, regardless of a candidate's party affiliation. The four candidates that receive the most votes advance to the general election. At the general election, voters elect state and federal candidates using RCV. For state executive, state legislative, and congressional elections, voters rank the four candidates that advanced from their top-four primaries. A candidate needs a simple majority of the vote (50%+1) to be declared the winner of an election. If no candidate wins a simple majority of the vote, the candidate with the fewest votes is eliminated. People who voted for that candidate as their first choice have their votes redistributed to their second choice. The tabulation process continues in rounds until there are two candidates remaining, and the candidate with the greatest number of votes is declared the winner.

The measure would also eliminate campaign finance provisions which voters approved in 2020, which require persons and entities that contribute more than $2,000 that were themselves derived from donations, contributions, dues, or gifts to disclose the true sources (as defined in law) of the political contributions.