veepstakes

The process a candidate for president goes through to choose a running mate. It's a portmanteau word combining the colloquial pronunciation of [VP] as "veep" and [sweepstakes].

The winner of the veepstakes is awarded the honor of being trashed in the media for the next 5 months.
> A: Who should Obama pick for VP?
> B: I sure hope Brian Schweitzer wins the veepstakes!