We first told you Levi Johnston is going to pose for Playgirl, we just don't know how much he'll show. So we're unveiling our Levi's Johnston Watch to follow this important matter very closely. Today's reading: nothing more than undies.

The AP has confirmed what we already know, that Johnston has agreed to pose for the magazine. They also told us a deal hasn't been signed. We talked to Levi's svengali Tank Jones himself who said they're still trying to work out some details like how much money they'll get, where the shoot will take place, and how much Levi will show.

Originally, the shoot was going to be Levi without his Levis but in his underwear. Then it came out that Levi would show either the front or the back. The AP report explicitly uses the word "nude," so we don't think there will be any underwear. Jones told us that he's willing to "let the whole cat out of the bag." When asked what factors would determine whether or not Levi would go fully nude, Jones said that is a "game time decision" that Levi himself will have to make. "Once you let it out there, it's out, and you can't put it back," Jones said.

Jones also said that Playgirl, which now operates only online, offered $25,000 but they weren't going to do it for that much. Jones said that he would like the shoot to be in New York. I tried to get an invitation to the shoot should it happen in NY and I think I got shot down.

A source at Playgirl told us that the reason the deal hasn't been closed is that they're having a hard time ironing out the details with Rex Butler, Levi's attorney, who has stopped returning calls and emails. That is interesting, because Butler is the one who is quoted in the AP article saying the shoot is a "foregone conclusion."

Speaking of the AP story, gay porn blog The Sword [NSFW, unless you work at a dildo manufacturer], says that the AP originally published the story with a quote from the personal trainer about Levi. "Once you know him, he's very confident...When it's time for him to bare all, he'll be ready," said Marvin Jones, a former Mr. Alaska contestant who is the brother of manager/bodyguard/mascot Tank Jones.

A spokesperson from the AP confirmed that the story originally ran with the quote, but a later version it was taken out as a "routine editorial trim" and not from pressure on either side of the negotiation.

We were going to take "bare all" to mean that we're going to see what God gave him and he gave to Bristol Palin, but now, with the tentative negotiations reading a fever pitch, we're backing down to our original assessment. Johnston may be ballsy for posing in Playgirl, but we don't think he's going to make the big pass when it comes time for a "game time decision." Unless, of course, Playgirl ponies up the big bucks.

Of course, we'll keep you updated with any breaking news on this very important subject of national concern.

Breathtaking chart by the talented Steven Dressler.