American Glob opines that three things would happen quickly if Joe Biden announced that he running with Elizabeth Warren as his running mate:
1. Hillary Clinton is finished.
Progressive activists who make up the base of the Democratic Party will go nuts for this ticket. Hillary Clinton, who is already damaged goods, will lose tons of support.
2. Bernie who?
Bernie Sanders has been nothing more than a stand-in for Elizabeth Warren. If she’s in the running, 99 percent of the people who are flocking to Bernie Sanders rallies will drop him instantly and throw their support behind Warren. The Bernie Sanders campaign will become a speed bump in the road to 2016 overnight.
3. The media will have a collective orgasm.
If Biden and Warren run together, the media will revert to the cult-like coverage they gave to Obama in 2008. Biden’s gaffes will become endearing and folksy. Any mention of Warren’s lies about being a Native American will be declared racist and sexist.
You should read Professor Jacobson’s take on this at Legal Insurrection.
American Glob opines that three things would happen quickly if Joe Biden announced that he running with Elizabeth Warren as his running mate: 
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