Betcha he’s running for President. He probably sees one or more of these scenarios as a strong possibility:
1. Obama goes into 2012 with a 30% approval rating. Bayh knocks him off in the primary and becomes POTUS.
2. Obama gets defeated by Palin in 2012 and she is unfit for the office. Bayh defeats her in 2016, positioning himself as red state moderate who is between the “extremes” Sarah and Barack.
3. Obama gets defeated by some other, (currently) less derided GOP figure like Romney or Ryan. They are overwhelmed by the crises Obama has either caused or ignored, have a rotten first term and are defeated by Bayh in 2016.
Plus, in the latter two scenarios, he can spend six years as the Dem equivalent of Palin: Good looking person from a red state who can comment from outside the Beltway and take advantage of populist fervor.
That plan won’t work: We won’t let him forget about his vote for DEATHcare!