Democrats will square off tonight in the seventh presidential primary season debate, the last one before the Iowa caucuses on February 3.

Six contenders will be on the stage — all white, almost all millionaires and billionaires.

But there is one billionaire who’ll be missing, but who will nonetheless loom over the proceedings like some political Phantom of the Opera, operating behind the scenes and aspiring to orchestrate the entire drama.

ADVERTISEMENT

That is, of course, Mike Bloomberg, whose steady rise in the polls should have earned him a debate spot, but who is spewing so much of his own money into the race that he has no need for outside donations and therefore did not meet the Democratic National Committee’s donor threshold.

Despite his late entry, the former New York City mayor is now polling at nearly 6 percent nationally. For reference, that puts him ahead of rivals investor Tom Steyer Tom SteyerTV ads favored Biden 2-1 in past month Inslee calls Biden climate plan 'perfect for the moment' OVERNIGHT ENERGY: Trump administration finalizes plan to open up Alaska wildlife refuge to drilling | California finalizes fuel efficiency deal with five automakers, undercutting Trump | Democrats use vulnerable GOP senators to get rare win on environment MORE and Sen. Amy Klobuchar Amy KlobucharEPA delivers win for ethanol industry angered by waivers to refiners It's time for newspapers to stop endorsing presidential candidates Biden marks anniversary of the Violence Against Women Act, knocks Trump and McConnell MORE (D-Minn.), both of whom will participate in the debate, and not far behind wunderkind former Mayor Pete Buttigieg Pete ButtigiegBogeymen of the far left deserve a place in any Biden administration Overnight Defense: Woodward book causes new firestorm | Book says Trump lashed out at generals, told Woodward about secret weapons system | US withdrawing thousands of troops from Iraq A socially and environmentally just way to fight climate change MORE.

Bloomberg should be on that stage. First because having a new participant might attract a bigger audience. After all, we have heard what Bernie and the rest have to say ad nauseam. The last debate barely topped six million viewers, the lowest in this cycle.

More important, however, Bloomberg should debate because Sen. Bernie Sanders Bernie SandersMcConnell accuses Democrats of sowing division by 'downplaying progress' on election security The Hill's Campaign Report: Arizona shifts towards Biden | Biden prepares for drive-in town hall | New Biden ad targets Latino voters Why Democrats must confront extreme left wing incitement to violence MORE (I-Vt.), former Vice President Joe Biden Joe BidenCast of 'Parks and Rec' reunite for virtual town hall to address Wisconsin voters Biden says Trump should step down over coronavirus response Biden tells CNN town hall that he has benefited from white privilege MORE and the other front-runners should have a shot at him.

At present, voters are warming to Mayor Mike based almost entirely on his huge ad campaign, on which he has reportedly spent $200 million of his own money. Nothing wrong with that; he built a wildly successful corporation and can spend his vast fortune as he likes.

ADVERTISEMENT

But it’s not especially fair to his fellow candidates that Mike is not exposed to the same slings and arrows that they will almost surely launch at one another during this evening’s confrontation. So far, Bloomberg has done little retail politicking; he hasn’t kissed many babies and hasn’t had to digest that Iowa favorite — pork chops on a stick.

He hasn’t even showed up at fundraisers. As he proudly states in a recent op-ed published on CNN’s website, “I’ve never accepted a nickel from anyone.” That is true, but it also eliminates yet one more opportunity for voters to hear from a candidate who is pushing forward in the polls. So far, he is running a “stealth” campaign, and there is good reason for that.

Mike Bloomberg is not especially good on the stump. Though sharp as a tack, he is not an imposing presence, has a slightly whiny voice and engages in the sort of wry humor that is appreciated mainly on the island of Manhattan. A matinee idol he is not.

Bloomberg advertises himself as someone who can “get things done.” That’s legit; as mayor, he got a lot done, most of which strengthened New York City’s economy and improved the lives of its residents. Sadly, in order to attract black voters, who make up roughly 25 percent of the Democratic primary electorate, Mike has disavowed some of his successes.

Most notably, he has renounced his use of “stop and frisk” police tactics, which until recently he still embraced. Some black voters think that style of policing is discriminatory, though the evidence is that taking thousands of illegal guns off the streets helped keep all neighborhoods safer, and especially minority communities. Mike claims in his op-ed that not taking money from donors makes him “independent of the special interests.” But that doesn’t mean he won’t bend to accommodate powerful voter groups.

ADVERTISEMENT

Still, he is a manager and doer, sometimes to a fault. The term “Nanny Mayor” arose from Mike’s unsuccessful push to eliminate large sodas, which did not go over well.

But as a presidential candidate, Bloomberg has bigger fish to fry. In his op-ed, he argues that Democrats are foolish to spend so much time and energy courting Iowa and New Hampshire voters, asserting that both states are too homogeneous to represent the diversity of Democratic voters. Moreover, Bloomberg notes that Democrats’ focus on those two “first” states gives President Trump Donald John TrumpHR McMaster says president's policy to withdraw troops from Afghanistan is 'unwise' Cast of 'Parks and Rec' reunite for virtual town hall to address Wisconsin voters Biden says Trump should step down over coronavirus response MORE an open shot at the voters of Wisconsin, Michigan and other important swing states.

He promises that “as president, I will ensure the DNC works with party leaders…to re-order the primary calendar in ways that better reflect our diverse electorate and channel more resources into the states we actually need to win in November.” Just like that — the newcomer and first-time candidate wants to change the decades-old rules of the game. That’s called cheeky.

To be sure, the DNC has made some errors. Demanding that candidates achieve set numbers of donors to make the debate stage has eliminated Bloomberg, notwithstanding his advance, and has favored the campaigns of Sanders and Sen. Elizabeth Warren Elizabeth WarrenWarren, Schumer introduce plan for next president to cancel ,000 in student debt The Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon No new taxes for the ultra rich — fix bad tax policy instead MORE (D-Mass.).

Rewarding donor totals is tantamount to rewarding celebrity. Anyone who tweets or maintains a Facebook presence knows that it is the most incendiary comments that travel best and get the most attention.

It is no accident that Sanders’ call for a revolution or Warren’s plans to topple the American economic model attract huge mobs online, and millions of donors. Moderate candidates like former Rep. John Delaney John DelaneyCoronavirus Report: The Hill's Steve Clemons interviews Rep. Rodney Davis Eurasia Group founder Ian Bremmer says Trump right on China but wrong on WHO; CDC issues new guidance for large gatherings The Hill's Coronavirus Report: Kansas City Mayor Quinton Lucas says country needs to rethink what 'policing' means; US cases surpass 2 million with no end to pandemic in sight MORE (D-Md.) or Sen. Michael Bennet Michael Farrand BennetOVERNIGHT ENERGY: House Democrats tee up vote on climate-focused energy bill next week | EPA reappoints controversial leader to air quality advisory committee | Coronavirus creates delay in Pentagon research for alternative to 'forever chemicals' Senate Democrats demand White House fire controversial head of public lands agency Next crisis, keep people working and give them raises MORE (D-Colo.) (remember them?) never had a chance.

Nor do self-financing contestants like Bloomberg. That exclusion robs voters of an opportunity to evaluate the candidate.

Bloomberg’s strategy and hope depends on several candidates making it through the early rounds, resulting in a brokered convention. Because Mike spent hundreds of millions of dollars shoring up hundreds of Democratic candidates across the country in 2016 and 2018, he will have the support of a large number of super delegates, who may select the nominee if there is no winner after the first round of voting.

In his op-ed he writes, “…the party has come a long way from the days of candidates being selected in smoke-filled back rooms by party bosses…” I’m not so sure; those bosses may not smoke any more, but they still may end up picking the winner — and it could be Mike Bloomberg, based almost entirely on his ad campaign.

Liz Peek is a former partner of major bracket Wall Street firm Wertheim & Company. Follow her on Twitter @lizpeek.