The Ele­phants are back, smaller than ever.

For­mer Mass­a­chu­setts Gov­er­nor Willard “Mitt” Rom­ney, the pre­sump­tive Repub­li­can Pres­i­den­tial nom­i­nee, is widely expected to announce his pick for Vice Pres­i­dent in the next five weeks, well before the Repub­li­can National Con­ven­tion in Tampa Bay, Florida, August 27–30.

Just as we’ve cov­ered the Stam­ped­ing Ele­phants in the past, let’s take a few moments to run down the poten­tial run­ning mates (ele­phant calves?) based on their Intrade per­cent­ages. Since there are 11 can­di­dates that are judged by Intraders to stand a bet­ter than one per­cent chance of secur­ing the VP nom­i­na­tion, I won’t give a biog­ra­phy on each one, but I will tell you some­thing about the top five, with a few com­ments about those ranked six to 11.

A Politico arti­cle by Mike Allen and Jim Van­de­hei in May coined the acronym “Incred­i­bly Bor­ing White Guy” (IBWG) for the ideal Rom­ney run­ning mate. Of the 11 top can­di­dates, only seven are white non-​​Hispanic guys (I’ll leave the “bor­ing” judg­ment up to the reader). For­mer Sec­re­tary of State Con­doleezza Rice is nei­ther white nor a guy, but she doesn’t seem to be inter­ested in the job.

I’ve listed the poten­tial Repub­li­can Vice Pres­i­den­tial can­di­dates below, in order of their Intrade per­cent­ages, from high­est to low­est. There are dozens of other “Vice Pres­i­den­tial Nom­i­na­tion” con­tracts on Intrade, but each of the ones not listed is below one per­cent. In each case, the Intrade per­cent­ages are rounded to the near­est whole num­ber. (Rice is at 6.0 per­cent and Jin­dal is at 5.5 per­cent; both Ayotte and Petraeus are tied at 2.8 percent.)

Can­di­date Jul 23 
Rank
Jul 23 
Intrade %
Ohio Sen. Rob Portman 1 29%
For­mer Minn. Gov. Tim Pawlenty 2 25%
Florida Sen. Marco Rubio 3  8%
South Dakota Sen. John Thune 4  7%
For­mer Sec. State Con­doleezza Rice 5  6%
Louisiana Gov. Bobby Jindal 6  6%
Wis­con­sin Rep. Paul Ryan 7  4%
CIA Dir./ For­mer Gen­eral David Petraeus 8 (tie)  3%
New Hamp­shire Sen. Kelly Ayotte 8 (tie)  3%
Vir­ginia Gov. Bob McDonnell  10  2%
 New Jer­sey Gov. Chris Christie 11  1%

1. Ohio Sen­a­tor Rob Portman

Portman’s qual­i­fi­ca­tions include for­mer White House Leg­isla­tive Direc­tor (1989–1991, under Pres­i­dent George H.W. Bush), for­mer Rep­re­sen­ta­tive (1993–2005), for­mer Direc­tor of the Office of Man­age­ment and Bud­get (2006–2007, under Pres­i­dent George W. Bush), and cur­rent Sen­a­tor from a key swing state, and incred­i­bly bor­ing per­son­al­ity. That’s not my judg­ment, that’s Politico’s, and they rate him as the most likely to get the VP nod. Politico’s Scott Wong and Manu Raju call Port­man “one of the most bor­ing char­ac­ters cur­rently on the national stage. Port­man is vanilla, wonky and unflap­pable.” As can be seen in the graph, his stock on Intrade has risen more or less monot­o­n­i­cally (!) since the first of the year.

Be that as it may, he may be just the guy for Mitt Rom­ney. His bud­getary expe­ri­ence is cat­nip for the Tea Party wing. How­ever, I have some doubts whether he can take on the tra­di­tional Pit Bull role that Vice Pres­i­den­tial nom­i­nees have taken on more recently. Con­ven­tional wis­dom says to pick a VP can­di­date to bal­ance the ticket; the con­tem­po­rary real­ity is that hasn’t worked for sev­eral decades, if it ever worked at all.

2. For­mer Min­nesota Gov­er­nor Tim Pawlenty

He couldn’t make it as a Pres­i­den­tial nom­i­nee, but does Tim Paw­lenty have The Right Stuff to be a VP nominee?

Intraders think so. They have him at a close sec­ond to Port­man, with a large gap between Paw­lenty and num­ber three Marco Rubio (25 per­cent ver­sus eight per­cent). On June 20, Politico reported that Paw­lenty topped Romney’s short­list for VP. That gave him an Intrade spike, as seen here, and he had a sec­ond spike about a week ago. He fits the IBWG pro­file, but can he deliver Min­nesota? Min­nesota has not sent elec­tors to Wash­ing­ton for the Repub­li­can Pres­i­den­tial can­di­date since Richard Nixon beat George McGov­ern in a 1972 landslide.

3. Florida Sen­a­tor Marco Rubio

He’s white, but His­panic. He’s not bor­ing: he’s a dynamic Amer­i­can of Cuban descent, the son of immi­grants. Rom­ney, who badly lags with His­panic vot­ers (by 48 points, 22–70, in a recent poll), might feel the need for a lit­tle spice on his ticket. Or not. Rubio was recently anointed by the Tea Party Express. Rubio cer­tainly fails the IBWG test, hav­ing only one of the three nec­es­sary attrib­utes, and just because he speaks Span­ish flu­ently doesn’t mean he can deliver His­panic votes from the pri­mar­ily Mexican-​​American West. He might tip the del­i­cate bal­ance in Florida, how­ever. His Intrade stock has been on a steadily declin­ing path since an early spring peak.

4. South Dakota Sen­a­tor John Thune

You want bor­ing? We’ve got yer bor­ing right here. He’s a white guy, too.

He made sure the press knew he met with Romney’s VP vet­ter, Beth Myers. Later, he appar­ently heeded Politico’s rule: if you say you’re under con­sid­er­a­tion, you’re not. His sole qual­i­fi­ca­tion seems to be that he knocked off Major­ity Leader Thom Daschle some years ago, or maybe it’s that he didn’t even make it to the Paw­lenty Level in the Pres­i­den­tial nom­i­na­tion game. Actu­ally com­pet­ing for the nom­i­na­tion may notch his Excite­ment Quo­tient (EQ) up too high to be a VP contender.

5. For­mer Sec­re­tary of State Con­doleezza Rice

When asked by CBS whether she would accept the VP nom­i­na­tion, Rice said:

There is no way I would do this.

I didn’t run for stu­dent coun­cil pres­i­dent. I don’t see myself in any way in elected office. I love pol­icy. I’m not par­tic­u­larly fond of politics.

Still, a July 12 Drudge Report set off a firestorm of spec­u­la­tion. Cooler heads have since pre­vailed, sug­gest­ing that she might be unac­cept­able to the base since she’s mildly pro-​​choice and strongly pro-​​immigration reform, both of which are pre­sum­ably unac­cept­able to The Base.

6–11. Jin­dal, Ryan, Petraeus, Ayotte, McDon­nell, Christie

It’s unclear where the idea of cur­rent Obama Admin­is­tra­tion CIA Direc­tor and for­mer Gen­eral David Petraeus came from. I dug up this Red­State arti­cle from May, and there was some spec­u­la­tion about Petraeus on Daily Kos, but beyond that, it’s unclear why he’s had his recent spike. Unlike the other Intrade graphs, this one just shows the last 14 days. You can see that Petraeus’s spike occurred on Fri­day, July 20, but why? I don’t know. Maybe one of our read­ers can comment.