From CNN's John King:

So the plus side?

• Blue-collar roots

• A Catholic-turned-evangelical Protestant comfortable talking about his faith.

• A GOP governor from a blue state who had to do business with Democrats.

• A record holding the line on government spending.

• No Washington baggage.

"He's interesting. He's funny. He is thoughtful and he is measured," Weaver said. "He is great with people. He is authentic. I think it's probably the best reason why he would be a terrific vice president."

And the downside?

• No Washington baggage also means no Washington experience, including on major national security issues.

• He never cracked 50% in either of his gubernatorial wins, and even his friends say it is doubtful picking Pawlenty would put Minnesota in play this fall.

• His 2012 presidential run sputtered quickly.

• Even some conservative fans say there is no signature Pawlenty achievement that would bring something unique to the ticket. The governor's Democratic critics say that is because his trademark is caution born of ambition.

From NBC News' First Read:

We can say with a high degree of confidence that Mitt Romney’s vice-presidential pick has largely come down to three men: former Minnesota Gov. Tim Pawlenty, U.S. Sen. Rob Portman, and House Budget Committee Chairman Paul Ryan. And it’s more than possible that Romney has already made up his mind. All three VP finalists bring something different to the table. Pawlenty is the loyal outsider, who would enable a Romney-Pawlenty ticket to run as former governors vowing to take on Washington; Pawlenty also potentially would add some blue-collar appeal to the ticket. Portman would be the insider, someone who knows the ways of Washington and who could help govern starting on Day 1. And Ryan would be the crusader, who wants to substantially transform America’s entitlement programs and who would excite a good portion of the GOP’s conservative base. Indeed, Ryan has emerged a VERY REAL possibility, but he also brings the most risk. If Romney selects him, it’s more than conceivable that the dominant campaign discussion in the fall won’t be the economy -- but rather the deficit and Medicare. Of course, there was already a good chance the Ryan plan will get plenty attention regardless of Romney’s VP pick.

What former Minnesota Gov. Tim Pawlenty lacks in pizzazz, he certainly makes up for in resume and intangibles. Think Biden, without the mouth.

If your electoral strategy hinges on winning the Big 10 battleground states (Ohio, Iowa, Wisconsin, Pennsylvania), maximizing the rural, blue-collar turnout while simultaneously pacifying social conservatives, then Pawlenty could be Romney’s guy.

Read more from Ford O'Connell at Politico's "The Arena"