So figured this out by digging around quite a bit.
If I take the HTML and plop it into a text token it keeps everything on one line and works fine, but my goal is to use Rich Text so that my marketers can easily create formatted content without needing HTML.
I don't know if this is a design flaw, a bug, or an unrequested feature. Whatever the case, it really makes no sense to force bad coding. Anyone know of a workaround that would allow me to use the rich text token?