On C-Span’s Washington Journal this morning, Chicago newsman Mike Flannery of WBBM-TV CBS2 had some interesting scuttlebutt. Seems the word on the Chicago streets is that an indictment of Senate Candidate 5 may be a possibility. Here’s where the affidavit (PDF) likely shows the problematic behavior:

On December 4, 2008, ROD BLAGOJEVICH spoke to Advisor B and informed Advisor B that he was giving Senate Candidate 5 greater consideration for the Senate seat because, among other reasons, if ROD BLAGOJEVICH ran for re-election Senate Candidate 5 would “raise[] money” for ROD BLAGOJEVICH, although ROD
BLAGOJEVICH said he might “get some (money) up front, maybe” from Senate Candidate 5 to insure Senate Candidate 5 kept his promise about raising money for ROD
BLAGOJEVICH. (In a recorded conversation on October 31, 2008, ROD BLAGOJEVICH described an earlier approach by an associate of Senate Candidate Five as follows: “We were approached ‘pay to play.’ That, you know, he’d raise me 500 grand. An emissary came. Then the other guy would raise a million, if I made him (Senate Candidate 5) a Senator.”)

That quid pro quo offer to "pay to play" raises a huge red flag, especially if Fitz’ office has recordings or other evidence of the offer(s) from Sen. Candidate 5 in pocket already.

WaPo has some speculation on Candidate 5′s identity, as does Archpundit. And The Hill. Names in the running in the press thus far: Jesse Jackson, Jr; Emil Jones; Arthur Turner; Luis Gutierrez; Danny Davis; Jan Schakowsky (who has expressly said she isn’t the one, btw).

Advice to whomever that may be: get a good lawyer. Now. And do not lie to the Feds. Remember Martha Stewart?