Obama was awarded the prestigious prize just eight months into his first term, with the Norwegian Nobel Committee citing “his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.”

The committee rightly praised Obama's barrier-breaking political and racial victories: “only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future…[Obama has] created a new climate in international politics.”

The president, busy spearheading a major overhaul of global diplomacy whilst also attempting to recalibrate U.S. relations with the Muslim world and seeking talks with long-time foes in Iran can now add Nobel laureate to his already crowded plate.

However, the Obama's Nobel Peace Prize could be a premature celebration of his still-unformed legacy and could actually hamper his political efforts.

Alfred Nobel intended the Peace Prize to go to “the person who shall have done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses.”

As a result, historic winners are mostly time-tested peacemakers and champions of freedom with decades of good works under their belt.

Archbishop Desmond Tutu, the 1984 winner, fought apartheid in South Africa and raised awareness of poverty, AIDS and government abuses in Third World countries.

The 14th Dalai Lama, the 1989 Nobel Peace laureate, bravely leads the struggle of Tibetan liberation through peaceful, rather than violent, means.

Tutu helped end apartheid and while the Dalai Lama has yet to witness the realization of his dream, his teachings have touched millions.

Obama's greatest achievements, however, likely lie ahead of him.

The U.S.-backed Afghan government of Hamid Karzai has been implicated in vote rigging charges while U.S. and NATO military efforts in the region are deteriorating.

Obama's invitation to Iran has been met by a defiant Tehran that is cracking down on dissidents and possibly pushing its way to nuclear weaponry.

The president pointed out the magnitude of the challenges ahead in his inauguration speech: “I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time.”

While his newly minted laureate status is undoubtedly an honor, it also heavily burdens a president already facing the outsized expectations heaped upon America's first black president.

The prize also provides handy ammunition for conservative pundits continue denouncing Obama as all hype, no substance.

A Nobel Peace Prize win after less than a year in the Oval Office pushes Obama's trajectory radically high. The only way up for him now, it seems, is sainthood.

Policywise, every diplomatic and military move Obama makes from now on will be judged through the Peace Prize lens. A deployment of additional troops to Afghanistan, for example, could be viewed as “unbecoming” of a Nobel laureate.

As the Nobel Committee noted, Obama brings hope and a fresh start not only to his country but to the world. For that alone, he is entitled to commendation. However, hope alone does not bring peace, but is merely its beginning. It would be fairer to Obama if the world can give him more time to finish his work.

The president could humbly decline Peace Prize, asking instead for a chance to prove his worth. In terms of personality, such humility would show the character of a true peacemaker.

On the other hand, the Nobel Committee has already awarded him the prize through its recognition of Obama—the medal itself is just icing on the cake.

By declining the Nobel Peace Prize, Obama can have his cake and eat it too. He could enjoy the prestige of being a Nobel laureate without the extra baggage of the medal.