The anchorman is the midshipman who graduates lowest in his or her class by order of merit at the Naval Academy. Contrary to popular belief, it's actually an honor (albeit dubious), as the winner customarily passes his or her cover around the graduating class, all of whom traditionally put in a $1 or $5 bill. As a result, the anchorman makes around $1000 or $5000 for the right to receive their diploma last and flirt the closest with being separated and returned to the fleet as an enlisted sailor.
I can't find it for sure, but I did a little reading on line and I think the anchorman in each year's graduating class is the one with the lowest grade point average!
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