I know geographical balance is not as popular anymore.
But I still see a Westerner or a Southerner being key. Thus no needs for Santorum to be vp, less Romney is desperate during conventioning time.
Westerner for the all important arizona-colorado-new mexico-Nevada. One needs to come home. A Southerner...well, the South doesn't seem to like good ol' Mitt very much... And I suspect even Santorum has the problem of being really a Yankee.
Geographic balance was thrown out the window with Clinton-Gore (two Southerners), Bush-Cheney (two Westerners) and now Obama-Biden (two Yankees; there's really nothing Midwestern about Obama). People aren't as parochial as they used to be.
It's also worth mentioning that the Republican Party has never put a Southerner on its ticket, either for president or VP. The closest you get are the two Bushes, but there's nothing Southern about being from West Texas by way of New England.