much到底是理解成代词还是形容词

1. But in the presentorganization of the Olympics there is far too much that encourages aggressive patriotism.

much为代词，that引导定语从句。

2. But in the presentorganization of the Olympics there is far too much what encourages aggressive patriotism.

much为形容词，what引导名词性关系分句。

上面两句，much到底是理解成代词还是形容词，还是均可？谢谢老师。

 1.But in the present organization of the Olympics there is far too much thatencourages aggressive patriotism.

much为代词，作存在句的真的主语，that引导定语从句修饰much。

第二句为错误，就没剖析的必要了。Much不能修饰what从句。只可以用that引导定语从句。