King v. Burwell is in the history books. Subsidies on federal exchanges will continue to flow and supporters of the ACA will (correctly) see this as a big win for the president. But to pretend that this means smooth sailing for Obamacare from here on out would be disingenuous at best.

Obamacare subsidies are just one important leg of a three-legged stool. And two of them may start wobbling after 2016.