It is "to transmogrify", meaning to "change into a different shape or form, especially one that is fantastic or bizarre."
The example thefreedictionary.com gives of a slightly different definition is this:
change by reversal, reverse, turn - change to the contrary; "The trend was reversed"; "the tides turned against him"; "public opinion turned when it was revealed that the president had an affair with a White House intern"
What a fascinating example to pick.
My example might be: The political pundits have transmogrified the presidential primaries.