“Throwing your hat in the ring” is an idiom for accepting a challenge or entering a competition, expressing one’s willingness to compete, or announcing one’s participation in a contest or running for candidacy.
It is most often used to mean that one is running for political office or applying for a job, as well as in athletic competition.
The idiom originated in early 19th-century boxing, where challengers literally threw their hats into the ring to signal their intent to fight. Popularized in politics by Theodore Roosevelt in 1912.
- From online with editing
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Saw this pic last night on the NPR news site (see below) which reminded me of the idiom.
One picture is worth a thousand words, so I don't think there's a need to say more 
Have a happy Friday!
