Edwards is done. He had to win Iowa to continue as a viable candidate. If he throws his support to Obama then Obama becomes the Dem nominee.
If Edwards just bows-out then it's more of a toss-up but I think the Not-Clinton factor of Edward's justification would lead a majority of his supporters to move to Obama.
Query: Would Edwards be willing to accept the VP position? I don't think so.
But as this diary proves: I Can Be Wrong. ;-)
(Tho' I did nail the GOP side.)
Jerry Brown once won Connecticut when it appeared Bill Clinton was close to sewing up the nomination.
Yankees get their back up against the wall easily. They really like to contradict the conventional wisdom.
Granted he probably doesn't like Obama much, but if he's at all serious about his agenda he's going to have a much better chance of pushing it from inside than outside.
I can imagine press and pundits and consultants telling Obama to avoid Edwards because he's confrontational populist poison.
But outside the Beltway madness machine, it's the perfect pairing. And Edwards will know this.
Why would Edwards not accept VP?
I can think of two reasons: he's been there, done that and ego.
Offsetting these is the fact if he doesn't accept VP and get elected he's done as a major national politician. You only get so many chances at the big prize before you get elbowed aside.