I've been saying this for freakin' months. I've written to Palin regularly about this. Here's the logic for Palin:
Endorse Ron Paul and watch his poll numbers jump due to the influx of an entirely new Republican base. Palin's power as kingmaker is proven, thus giving her more power, popularity, and money-making ability. It doesn't matter if Ron Paul wins or not, it only matters that he surges after the Palin endorsement. It doesn't matter if Ron Paul wins, it only matters that he's given new media attention due to the Palin nod. Palin gets something from a Ron Paul endorsement that she couldn't get with any other candidate.
If Palin endorsed Perry, the endorsement would mean nothing. It would be Palin jumping on an already winning horse. That reduces Palin's power, it does not expand it. If Palin endorsed Romney, she would again be endorsing a guy who everyone already thinks can win; how could Palin ever prove that her endorsement caused the change of tides in Romney's campaign? She couldn't. A Romney endorsement reduces Palin power, it does not expand it. Bachmann is a joke and a threat to the Palin brand. The sooner Bachmann is out, the better for Palin. For Palin to endorse Bachmann would be a permanent loss of power to Palin as Bachmann becomes the new Palin. A Bachmann endorsement reduces Palin power, it does not expand it. Only a Ron Paul endorsement (due to his low expectations, outsider status, lack of media attention, and small popularity with the Palin momma grizzlies) could prove Palin's power and thereby expand it. It does not matter if Ron Paul wins, it only matters for Palin that her endorsement is seen as invaluable, which is exactly what it would be for Ron Paul.
Look at the matching language of Palin and Paul. Palin says she's not part of the status quo; Ron Paul says all other candidates are the status quo. Palin says we don't need a fundamental transformation of America, we need a restoration of America; Ron Paul's campaign slogan is "Restore America Now". Again, the language of Palin and Paul matches. It's a natural endorsement. And it was likely planned long ago as long as Paul proved himself in Ames and with continued growth post-Ames (because there'd have been no point in Palin sticking her neck out if Ron Paul had no chance--that would reduced Palin's power, not expanded it; no, Ron Paul needs to have a chance, but be perceived as having no chance--that's when Palin endorses).
Palin will not be a VP pick, nor will she want to be. She doesn't want to risk ruining the king she's made. She's more than happy to take credit for everything and enjoy her own flourishing new popularity and power. If anything, she may wish to be Secretary of State (a la Hillary) so that she can become educated on foreign affairs (which is what the media really hit her with when she ran in '08). As a former governor and US secretary of state, no media will ever be able to question Palin again on her experience and knowledge. Again, her power is set as Secretary of State in a way no other office could provide her at this point in her career. I'm not saying she will be Secretary of State (she may very well only want outsider influence), I'm merely saying that it's the most likely position of government she would want.
EDIT: Is it just coincidence that Palin's Sept. 3 Iowa announcement is at a Tea Party event titled "Restoring America"? I think not. It's the perfect spot for a "Father of the Tea Party" "Restore America Now" Ron Paul endorsement. And it attacks Bachmann, the biggest threat to Palin power, on her home turf, proving once and for all who the queen bee of the Tea Party really is: Sarah Palin.
Listen to the radio spot for the event and tell me you don't feel it sets the stage for a Ron Paul endorsement:
http://www.realclearpolitics.com/vi..._releases_ad_promoting_palin_iowa_speech.html