Both my DH and I have male siblings only so we decided (in an effort to make sure none of them felt left out) that we were going to ask one of his best friends to be the godfather for our baby. Personally, as I've thought about it a few times since the decision, I'm starting to feel like I'd rather it be a sibling or a cousin but so goes.
The godmother part, however, is driving me crazy. I always said that my best friend back home would be the godmother because she's the sister I never had and both of our families are extremely close, enough so that we call each other's moms Mom. That said, after she went off to college (a couple years after me) we started talking and communicating less and less and over the last year or two, it's been pretty minimal and I feel like we've lost a lot of closeness. Which of course happens and I expected it but even when we're both back home for whatever reason, we hardly see each other. But I've always told her I wanted her to be the godmother of my first baby.
However, now I'm starting to think I'd really like to ask my bestie from my college days to be the godmother. She and I are still extremely close even though we live on opposite corners of the country (she's in WA and I'm in GA) and we communicate regularly. While my sister friend is excited for baby, she doesn't ask me about baby without me starting a conversation first unlike my college friend. So I have no idea what we're gonna do for the godmother role. :(