The big problem with the electoral college is not that it gives power to small states. The big problem is that if there's no outright winner it gives all the power to the House of Representatives. This forces us to stay with a two-party system.
Instant runoff voting, with our without the EC, would allow people to list all the candidates they could stand, and none they couldn't. It also means a third party vote isn't wasted, as you can list a major candidate second. The big problem with instant runoff is that unlike bypassing the EC, instant runoff violates "one person one vote", so we'd need a constitutional amendment to get it.