From our perspective we say Novak has no chance to beat Nadal if they face at the FO, even more because of the beatdown of 2020, but I am sure this is not the way Nole sees it at all. If there is a player who, when facing Rafa on clay is not pessimist and is thinking it's not only about Rafa's level but mostly about his own level, it's Djokovic. If they meet again, Novak will not think he's already done, he will believe in his chances, without this mentality he would have never become the rival he is to Fedal now
And of course he is the second favorite by a large margin, Nadal will be very hard to beat for Next Gen or other players, but so will be Djokovic, as I think aside from Nadal, he's not that afraid or impressed by the level of other top players (Tsitsipas, Zverev...), or the level of the tour overall.
Thiem could trouble Djokovic but he's an unknown element here, his result will highly depend on his draw
I'd be very surprised if there was a new slam winner this year, Djokodal will probably win all three, how many slams for Djokovic at the end of the season? How many slams for Nadal at the end of the season? 2021 could turn out to be the decisive year in the Djokodal rivalry