Is Radiant Orchid the New Black?

Radiant orchid, Pantone’s 2014 Color of the Year, is a rather vibrant, striking looking shade.  Indeed, I’m thinking about painting all of my doors in my combination office/laundry closet/cat-napping room*, providing some bright visual foci against the white walls and dark, dusty teal (aka Perfect Storm in Lowes-speak) trim.

Color of the Year?  How, exactly, is this contest run?  Are there hue equivalents of pageant moms?  Do they have to wear evening gowns made of cloth in their own shade?  Do people lobby for certain colors to win (or at least place in the circle of runners up)?  And what happens to the losing colors?  Do they go on to lead nondescript lives in far corners of a Michaels or Hobby Lobby?

*cat-napping, in this case, refers to an actual cat who likes to nap in office chairs.  Her name is Bella and she is quite the whiny little princess.