There comes a point in every presidential election battle where political pundits and fanatical West Wing-watchers alike hold their breaths, click their heels, and wish upon an earmark that this will be the year of the brokered convention.

As the surety of Mitt Romney’s arranged marriage to the Republican Party steadily diminishes while other suitors pull ahead, the plausibility of a tussle in Tampa come convention-time in August has grown. Herewith, a look at the peculiar institution of the nomination convention, why all the talking heads are in a tizzy about a brokered instead of a fixed one, and what the odds are of a televised royal rumble this summer.

What is a brokered convention?

In their current form, conventions are exercises in collective vanity, an excuse for the party’s settled nominee—who has already garnered enough delegates to make his competitors drop out—to get media exposure and some prime face-time with party big-wigs. But conventions were once substantive affairs, where candidates’ delegations came to wheel and deal for votes, hoping either to clinch the top slot on the ticket or at least ensure that their ideas make it onto the official party platform. A convention is "brokered" when none of the candidates has the requisite number of delegates to secure the nomination and competitors remain in the race. To settle on a nominee, the party goes through a series of re-votes and political horse trading until a candidate is chosen.