I have to disagree. I think Cody has to be on par with Barrett and Sheamus as a favourite to win (all behind Jericho of course).
I thought this a few weeks ago, but now I don't. Both Sheamus and Barrett have been built up as serious contenders on both brands, with Rhodes only featuring on Smackdown recently. Now although I haven't watched Smackdown for about a month now as I don't like most of what I've seen recently and what I've read, being one of those Smackdown superstars to be featured prominently on Raw is a big thing. I'm quite sure that Rhodes hasn't been on Raw at all the past 2 weeks, meaning he hasn't been involved in the Rumble hype. I haven't read about him cutting a promo and claiming he'll win the Rumble match, and if he does that on Friday night then it's just not enough for me to consider him as a serious contender.
For me Chris Jericho is the front runner, followed by Sheamus and Wade Barrett. My darkhorses would be Randy Orton (hometown guy) and The Miz (Truth has been booked stronger in their feud, Miz is stuck with the #1 spot, wins to prove everybody wrong and both Truth and Miz look strong), but not Cody Rhodes. He would definitely be next, alongside maybe Christian (return?) and R-Truth, but Rhodes just isn't up to the contendership level Sheamus and Barrett are.