Update: There’s your cover. No need to stay up for Letterman. Coed’s marketing boss, Steve G., is camped out near Ed Sullivan Theater in Manhattan awaiting the 4:30 p.m. EST – or so – reveal of the 2012 Sports Illustrated swimsuit issue cover. Odds on favorite is Kate Upton. We know she’ll be at the Letterman show taping when the black curtain comes down. So will Bar Refaeli. For more photos, go visit our brothers at Coed who’ve posted a Kate-gasm.