I'm having a hard time unpacking this paragraph-sentence. Is the author saying that Palin's being nominated by the GOP would mean that there is no 'hope of an anemic Republican field?'
Team Obama believed that Romney, Huntsman, Palin, and the rest of the field are flawed candidates that can easily be beaten.
They are coming to the realization that their own candidate is weak, and could quite possibly be beaten by a three legged dog.
They are getting nervous.