A situation that has all the risks and none of the rewards. In a real rodeo, cowboys risk their necks, but they get to look cool. If the cowboys rode goats, they'd have just as much risk of injury, and wouldn't look cool. Such a situation has two possible outcomes: really bad or slightly less bad. Having forseen such a situation, you're best bet is to not enter the Rodeo.
"We decided not to submit our wine in the "Two-buck-chuck Taste-off" because we didn't want to get into a Goat Rodeo."