It's been apparent for some time that Michael Steele's chances of winning reelection were slim to none, but just in case there's any doubt, Politico's Alexander Burns and Jonathan Martin report: 

Republican National Committee Chairman Michael Steele faces an all-but-impossible path to reelection this month, as a majority of the RNC’s 168 members indicate that they will not support the controversial chairman for another term.  A weeklong canvass of the party’s governing board by POLITICO revealed 88 members who have decided not to vote for Steele, either opting to support one of his opponents or simply ruling out Steele as a choice in the race.  Fifty-five members, some of whom have endorsed one of Steele’s challengers, have signaled that they will not support the chairman under any circumstances. An additional 33 pledged their support elsewhere. 

So why is Steele running if he can't possibly win? He could have saved face by declaring victory after the November elections and announced he would not serve another term. But maybe Steele wants to defend his record--as dismal as it may be, in fact--and maybe a man who likes the spotlight wants to keep himself in the spotlight. He would be less relevant--and less likely to land a TV contract--if he didn't run. And if CNN, MSNBC, and Fox don't work out, there may be a spot for him on Comedy Central.