Update 1: Thoughts on who will run. I think Indiana Democrats best bet would be Congressman Brad Ellsworth. The Conservative Democrat from the 'bloody eighth district,' and is the former Vanderburgh County Sheriff. He would be the most electable in the state with his blue dog credentials. I have met him quite a few times and he is a great guy, even if I don't always agree with his stances on the issues.
Another great candidate would be Congressman Andre Carson. With him on the ballot, Progressives would be fired up to hit the polls helping the Party in other tough Election races. It would open up a can of worms in the 7th District for a potential successor.
Via Facebook, Jon is tossing out the idea of Joe Hogsett for Senate. Others are also mentioning Baron Hill, who was tossing around the idea of running for governor in 2012.
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Update 2: Also, don't forget the filing deadline is this FRIDAY! That's alot of signatures to gather in a very short amount of time!
And a source of mine thinks that there is more to this than what we are being let onto. Without naming my source(s), there could be a potential 'statement' from the White House following Bayh's press conference.
http://indydemocrat.blogspot.com/2010/02/evan-bayh-to-retire.html