Sure. What isn't "hypothetical" is that neither Cain, nor Christy, nor Perry, nor Romney will win the nomination. Period.
Further, that Sarah has elected to save on campaign cash, energy, viewer burnout, and media ad hominem by pushing her announcement back (all the while, allowing her would-be "competition" for the nomination to destroy themselves and each other... brilliant"!!!, but then, that's our Sarah...) should not be mistaken for the slightest chance that she won't run.
She knows now whether she'll run, and has for some good time. The only reason to put off announcing is because she's going to run. If she wasn't, there is no reason not to say so now.
All it takes is a working brain, and the will to use it.
>> “All it takes is a working brain, and the will to use it.” <<
That’s just not fair!
You have no heart.