There’s little doubt that Doritos will need to end its sponsorship of Colbert’s campaign, if it is truly breaking laws.  But Comedy Central is setting a new precedent for backing a candidate, said Lawrence M. Noble, a former general counsel for the Federal Election Commission.

"The real problem comes in the fact that he actually has his own show, talking about his campaign, paid for by a network," Noble said. "These are the kind of things on slow days you'd debate until the late afternoon at the FEC, but there are serious questions that come up. In theory, he could end up having some campaign finance problems."

And Colbert isn’t blowing smoke in announcing his bid.  He’s seeking signatures for placement on both the Democratic and Republican primary ballots in South Carolina.  On NBC’s Meet the Press last Sunday, Colbert said, "I think a lot of people are asking whether -- they say, 'Is this, is this real,' you know?  And to which I would say to everybody, this is not a dream, OK?  You're not going to wake up from this, OK?  I'm far realer than Sam Brownback, let me put it that way."

Naturally, Colbert is taking advantage of the legal scrutiny for more comedic opportunities.  "In accepting corporate money, I promise to respect federal election laws the same way I respect the must-shower-before-swimming law at the Y," he said. "As a candidate, I am under no obligation to promote the zesty, robust taste of Doritos brand tortilla chips, regardless of how great a snack they may be for lunchtime, munch time, anytime."

As for the possible violation Doritos has committed, Colbert is confident he’s found a way around it: "It's illegal for my crunch money here to pay for the campaign, but it is legal for it to pay for my show, and the show can report on my campaign.  Host: 'Eat them.' Candidate: 'I just happen to like 'em.' "

The key development will be how the FEC views the campaign.  If seen strictly as satire, they’ll likely overlook possible infractions, viewing it as the right of a media organization to report and comment openly on a particular candidate.  But Noble says a line could be crossed if Colbert achieves a ballot placement in the primaries.  "Everybody is very cautious, not wanting to take this too seriously, or to say that campaign finance laws are going to stop satire, or what is clearly a joke.  But he's trying to get on the ballot, and he could in fact affect the election."

Music to Colbert’s ears, no doubt.