The centrist political group No Labels announced Thursday that it is launching a "Country Over Party Committee" to help vet possible candidates for the group's unity ticket in the 2024 election.

Why it matters: As two relatively unpopular presumptive nominees President Biden and former President Trump, head for a rematch, any third-party bids could have an outsized impact on who prevails in the general election.

Driving the news: "The committee will consider input from the No Labels community and serve as representatives in meeting with potential candidates," former Dallas Mayor and No Labels' national convention chair Mike Rawlings said in a video announcement on Thursday.

• The panel, which includes 12 people, will deliver their recommendations for a unity ticket to No Labels delegates for a nomination vote.
• "If this ticket receives majority support from No Labels delegates, they will be given the official nomination and appear on the ballot as the No Labels unity ticket," Rawlings said.

Zoom in: Any potential nominees must adhere to the group's six core beliefs, Rawlings said in the video announcement.

• "If No Labels is unable to find candidates who meet this high threshold, then we simply will not offer our ballot line to anyone," No Labels co-chair Joe Lieberman said in a news release on Thursday.

The big picture: No Labels said last week that the group's 800 delegates voted to proceed with a "unity ticket" to compete with Trump and Biden.

• The group's co-chair, former North Carolina Gov. Pat McCrory, stepped down as co-chair earlier this week, the Wall Street Journal first reported.
• The Wall Street Journal also reported last week that the group was considering Geoff Duncan (R), the former lieutenant governor of Georgia.

Go deeper: Exclusive: No Labels super PAC is dialing for dollars

Editor's note: This a breaking news story. Please check back for updates.

Hans Nichols contributed reporting.