As we write this note, we’re still waiting for Barack Obama to name his vice presidential pick, despite weeks of speculation, false leads and outright absurd gossip. The news could come any minute now, before the Democratic National Convention kicks off on Monday.

The thing is, the VP selection dance is really all about rumors—it’s a process used to test ideas and generate buzz. And each possible candidate plays an important role in driving overall votes. So, ahead of Obama’s pick, here’s a look at the players:

The contenders
Obama is said to be seriously considering a number of potential running mates, each with different assets and baggage:
  • Delaware Senator Joseph Biden would bring foreign policy experience.
  • Tim Kaine is the governor of Virginia, a hugely important swing state.
  • Evan Bayh is a senator from Indiana, also a large and important swing state.
  • New Mexico Gov. Bill Richardson has strong foreign policy credentials, and would also presumably bring in the Latino vote.

Of course there’s also Obama’s former rival, Sen. Hillary Rodham Clinton, who could bring about 18 million votes (that’s the number she got in the primary). But she also brings plenty of controversy, including hubby Bill, who hasn’t exactly endeared himself to Obama over the past year.

Other rumored but less likely contenders include Rhode Island Sen. Jack Reed (solid military man), Kansas Gov. Kathleen Sebelius (rising star in a conservative state and a female), and former Georgia Sen. Sam Nunn (perennially rumored, never picked).

The Decision with a capital “D”
Although pollsters say a VP nominee rarely is a deciding factor in an election (remember Dan Quayle?), the pick represents the first important presidential decision a candidate makes. Conventional wisdom says the veep should round out the ticket, making up for some perceived shortcoming.

In Obama’s case, many say he is light on experience, and Republican rival John McCain has hammered him over foreign policy credentials. So, an older, experienced politician may join him on the ticket.

That said, he may chuck all that out the window and really surprise us. And wouldn’t that be fun (think Caroline Kennedy)?

Lots of pomp, lots of pageantry (lots of hot air)
Starting Monday we’ll get back-to-back weeks of conventions. The Democrats host theirs Monday through Thursday in Denver followed by the Republicans in Minneapolis. No actual news ever comes out of these things—they’re mainly an excuse to introduce the candidate (and VP) and fire up the troops. Oh, and maybe party a bit too.

The big picture
Party conventions signal the start of the stretch run of the presidential campaign, when voters really start paying attention and making up their minds. Typically candidates enjoy a so-called post-convention “bounce” in the polls, meaning their favorability surges. Campaigns hope the bounce is big enough to propel a candidate to victory in November. Right now, the polls show a race that is too close to call. Who will get the bigger bounce coming out of the conventions? Pull up a seat and watch!