Definitely E. In my day job at a phone company, I have seen actual processes that "work" something like this.
Here is why it is E: The paragraph says that no one can actually be a nominee until after he or she has CONSENTED to be a nominee. This is stated as follows: "It cannot be known who the actual nominees are until prospective nominees have given their consent to be nominated." The paragraph also says that no one can CONSENT until after he/she is told who the other nominees will be.
This is a perfect circle: You cannot be nominated before you consent. You cannot consent until after you are told who ELSE will be nominated. So you have to wait until other nominees are known before you can consent and become a nominee. The other prospective nominees are in the same position: They can't consent and become nominees until after YOU are known to be a nominee. So you each have to wait for the other, and no one can get nominated.
Kaplan Canada LSAT/GMAT/GRE teacher and tutor