Bakk is part of a crowded field on both sides of the aisle. Former House Minority Leader Matt Entenza, former U.S. Senator Mark Dayton, Ramsey County Attorney Susan Gaertner and state Sen. John Marty are all in on the DFL side, with at least a half dozen others actively eyeing the race.

The GOP field was thrown wide open last week when Pawlently announced that he would not seek a third term. So far state Reps. Laura Brod and Paul Kohls, state Sens. David Hann and Paul Koering, former State Auditor Patricia Anderson, House Minority Leader Marty Seifert, former House Majority Leader Steve Sviggum and former Pawlenty chief of staff Charlie Weaver have all expressed some level of interest in the race.

“We don’t have term limits in Minnesota, but we do have good judgment and common sense,” Pawlenty said. “Time marches on and now it’s time to give someone else a chance.”

The governor, however, refused to be drawn into speculation that the move is an indication that he harbors presidential ambitions. “I don’t have any plans beyond serving out my term,” Pawlenty insisted. “I’m not ruling anything in or out.”

In recent weeks, Pawlenty has drawn plaudits from conservative quarters for his hard-line stance on fixing the state’s budget problems without raising taxes. Americans for Tax Reform, arguably the country’s most stridently anti-tax advocacy group, named him a “Hero of the Taxpayer.” An op-ed piece in the Wall Street Journal praised his budget maneuvers as a potential blueprint for how the national GOP could get its groove back.

At today’s press conference, Pawlenty brandished his fiscal conservative bona fides on several occasions. “The fact that we’ve brought more competition to Minnesota by keeping a lid on taxes and spending is really important,” he said when asked about his proudest achievements in office.

But Pawlenty continued to plead ignorance about any national political plans. When asked at the press conference if he intended to start a political-action committee, he professed uncertainty about the logistics of setting up such an organization.

The governor’s decision not to attempt a three-peat is also viewed by many political observers as bad news for Al Franken. The reason: It may suggest that Pawlenty will be emboldened to hold off signing an election certificate even if Franken prevails in the U.S. Senate contest at the Minnesota Supreme Court, as is widely anticipated. Such a maneuver would curry favor with the party’s base and the GOP leadership in the nation’s capital, but it would likely doom any statewide political ambitions in Minnesota.

Pawlenty’s remarks on this matter in the past have been ambiguous. Today he stated that he would adhere to the directives of the courts. “I think you guys have really over-baked that issue,” he said. “You’re really spinning out of control on that.”

In cold political terms, the decision not to run for re-election was probably not particularly difficult. Although polling released since the end of the legislative session has indicated that Pawlenty is still relatively popular, he would have faced an extremely difficult battle. He failed to garner 50 percent of the vote in his first two runs for the top office and Democrats have made significant electoral gains in the last two election cycles. In addition, it’s uncertain how Pawlenty’s budgetary hardball will play with Minnesota voters. Defeat at the ballot box in 2010 would surely doom any future national ambitions.

But the governor insisted that fear of losing played no part in his decision. “I absolutely could have won and I think would have won a third term,” he said.

Pawlenty’s decision not to seek re-election likely means there will be a crowded field of contenders for the GOP crown in next year’s gubernatorial contest. Among the names in the ether: former Pawlenty chief of staff Charlie Weaver, former House Speaker Steve Sviggum, House Minority Leader Marty Seifert, former State Auditor Patricia Anderson, state Sens. David Hann and Julie Rosen, state Reps. Paul Kohls and Laura Brod, former U.S. Rep. Jim Ramstad and GOP National Committeeman Brian Sullivan.

One potential candidate unlikely to run: Lt. Gov. Carol Molnau.
“Someone once told me never say never,” Molnau said at the press conference, “but I think it’s probably highly unlikely that I would be looking at a governorship.”

Perhaps the closest Pawlenty came to admitting national political ambitions during the press conference was when he talked about helping to rebuild the Republican Party after significant electoral setbacks during the last four years. “It’s got to be a party that can accommodate both Colin Powell and Rush Limbaugh if we’re going to be successful,” he said, taking a not-so-subtle swipe at former Vice President Dick Cheney.

Pawlenty also showcased the aw-shucks political skills that have made him a player in national politics. Near the close of the press conference, he insisted that his ideal job has nothing to do with politics.

“My dream job is to be an NHL defenseman, but at 48 and having no skill it’s tough,” he laughed.