There's no athlete who clearly is the favorite for this race; everyone, save Grant Fisher I suppose, has beaten each other and lost to each other.
With that said, I see a few favorites:
Blake Haney--3:44 1500 nearly a year ago, clearly better at the 3200 and 800 this year; his times aren't that good for the mile but he has the endurance to stay with anyone and the speed to outkick the field.
Grant Fisher--footlocker champ, NBIN champ easily, he ran 4:08 converted as a sophomore and hasn't lost an individual race since IAAF juniors I believe. Unfortunately, although he's looked plenty strong this season, with an 8:55 solo 3200 and numerous 4:10s-4:14s, he hasn't actually run a fast race this year; whether it's because of shape or lack of necessity I don't know (other posters can help if they know).
Ricky Faure--4:07 indoors converted, 47 and 1:48 speed, which is insane. Because I don't see this race going close to 4:00, I think he has the ability to run away with the win in the last lap.
Garrett O'toole--4:01.9! The favorite on paper probably. He's looking strong. He's lost to others in this race this year, but he could take it.
And of course the rest of the field easily could win too. I'll probably go with O'toole in 4:03, but it's anyone's race.