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A third-place political party's convention is usually not greeted with much fanfare. But then again, it's more than a tad unusual for the federal Liberals to be the third-place party.

The Liberal Party Biennial convention begins today in earnest after weeks of hype, often including the words "make or break" from some of the 2,500-plus delegates expected to attend.

After the party's embarrassing defeat last May, many believe drastic and historic change is needed. Some of the major proposals for "sweeping" change include:

• a new system for electing the leader
• curtailing some of the powers of said leader
• new, softer party registration rules

The Liberals' "A Roadmap to Renewal," which encompasses the policies they will discuss, has a long-term goal of engaging the party's grassroots to compete in an expected federal election in 2015.

But some of the more dramatic proposals have rankled a few Liberals.

Daniel Veniez, a Vancouver entrepreneur who ran and lost for the Liberals in the 2011 federal election and who is a frequent political commentator, feels the calls for significant change are just reactionary for a party that has grown used to being in power.

"I think we should take a Valium and not overreact and panic with respect to the need that some people in the party have for drastic and radical change," he said in a telephone interview.

Veniez particularly chafed at proposals to weaken the party leader's power and to open up the party to supporters who could vote for a leader in a U.S. style-primary system without being full, paying members of the party.

"If you want to participate at that level, you should be a member of the party," he said. "The leaders of the party and local candidates should be chosen by members of the party.

"It seems to be a response to the panic that we have to do something bold and innovative and new without it being thought through and seriously considered."

But judging by opinion pieces in newspapers and in the blogosphere, Veniez appears to be in the minority.

"Change" helped propel U.S. President Barack Obama into the White House. It's a term many of the candidates running for the Liberals' bureaucratic positions up for election this weekend have little issue throwing around with glee.

Braeden Caley, 24, is running for the national policy chair, and says the Liberals need to start becoming about "big ideas" -- which starts with figuring out bold policy.

"I'm certainly in the camp that says we need to bring about some big changes," he said. "But the public cares less about our internal structure than the ideas that we present.

"I don't think the party can afford to be in the mushy-middle anymore."

The Liberals, who many have criticized for contenting to define themselves as Canada's "natural ruling party," appear to be undergoing an existential crisis while in the opposition benches.

Mike Crawley, who along with Sheila Copps is considered to be a frontrunner for this weekend's party presidential race to replace Alfred Apps, has said Liberals don't know who they are anymore.

"We've stopped talking about what it was to be a Liberal. We've diluted Liberals down to buzzwords -- centralist, moderate -- all these things that mean absolutely nothing to voters," he told CTV's National Affair earlier this week.

Veniez agrees.

"I think the first order of business is for Liberals to define an agenda for the 21st century based on a clearly defined understanding on our common philosophies," he said.

"As a candidate . . . Liberals would come up to me and ask ‘What do we stand for?' and it used to drive me absolutely bananas. So I would ask them ‘Why the hell are you a member of a party and you don't know what it is we stand for?'"

Caley notes the obvious.

"When you have to ask yourself as a party ‘What do we stand for,' then I think you have a problem as a political movement," Caley said.

Liberals look to Tories for help

As I late last year, the Liberals have finally tired of complaining about the Conservatives' tactics and have moved on to borrowing them.

Seminars at the convention include "How to Win an Election: The Right Tools for the Permanent Campaign, "Leveraging Social Media to Engage Members and Communities" and "How to Win an Election: Fundraising and Membership."

There's also a proposal to establish a $2.5-million Liberal call centre to bring in much needed cash and new members. In a November 2011 discussion paper, Apps noted the Liberals trail drastically behind the Tories on collecting voter information.

To be fair to the party's socially-left leaning members, there are not all just tactical proposals. A pledge to "Legalize and Regulate Marijuana" is the fourth-most popular resolution in registered votes on the convention's website at last glance. There's also the idea being floated by the Young Liberals to cut ties with the monarchy -- Will and Kate's popularity be damned. As Lawrence Martin , it may not be a bad idea, politically speaking.

Familiar faces abound

Former leader Michael Ignatieff, who quit immediately after losing the election and his seat last May, will take part in the opening ceremony Friday night, which should be a brisk turning of the page on his political career.

But in a twist to the usual celebration of past leaders, it will be Ignatieff thanking the Liberals, not the other way around. It's probably less awkward that way.

And finally, in what should be a heavily scrutinized speech, Ontario Premier Dalton McGuinty will be the convention's keynote speaker Friday night.

It's been no secret that McGuinty has been courted to run for the federal Liberal leadership, although he's been quick to publicly slam that door shut.

Still, his presence in such a high-profile position at the convention will do little to slow the rumour mill and end the courting ritual for good.

With the Liberals' leadership convention put off to 2013, and this convention mostly focusing on the backrooms, you can be assured that every single breadcrumb left by a potential leadership candidate with be closely followed.

The Liberal convention ends Sunday