There are two ways someone is eligible.
If someone nominates themselves, they need someone to second it.
If someone nominates someone else, that nominee must accept it.
One way or another, a person must wish to be mod or admin, either by suggesting them self or accepting it.
And I do decline any nominations for admin or mod. I said I would be passing on admin, and I'm staying to my word.
EDIT: And to make things clear, this is running by my local time. We still have roughly an hour left.