Possible winners:
Ukraine would have done well even without the war and could win the televote due to extra support this year. The Ukrainian refugees can be expected to vote for their homeland as well. The juries will support it more than they would have without the war. Normally, the juries would prevent a song like this from winning, but we have seen in 2018 that a song can do better with the juries for political reasons. Israel didn't win the jury vote that year, but a song with clucking and a performance featuring the chicken dance still got enough points from the juries to win, foremost thanks to virtue-signaling Western juries that wanted to show support for "Me Too" and "female empowerment" in addition to making a statement against "fat shaming". I don't expect Ukraine to win the jury vote, but it could still be the overall winner.
I think Sweden could be a compromise winner. I don't think it will win either the jury vote or the televote, but the combined result might be enough for a win.
Similar to Sweden, it could be a compromise winner. I don't think it will win the televote because screechy ballads rarely do. The juries have many ballads to choose from, so I'm skeptical about Italy winning the jury vote as well. It might get extra votes from jury members who see that Italy is favored by the betting market and it could get fewer points from the audience because Italy just won anyway.
Poland could win the jury vote, but a ballad like this will not win the televote. If the juries clearly favor Poland among the multitude of ballads while the televote is split between various countries, it might be enough for Poland to win.
Not winning:
It could win the televote, but it will not get much love from the juries.
I'm surprised people think this could win. The juries can't be expected to give many points to this kind of song and I don't think it will be that successful with the audience either. I'd be surprised if Spain managed to get into the top 10. Top 15 seems plausible due to people being bored by too many ballads.
If the live performance works out, it should do very well in the televote, but the juries will rather give their points to various ballads that will flop in the televote.
It should do well in the televote, but the juries will rather vote for the usual safe ballads instead of supporting ethnic sounds. It might get more support than Ukraine last year because it's France, so I still expect a decent result if it's staged well.
The many (female) ballads should do well with the juries, but there are just too many of them, so I think we will rather see regional voting patterns and jury points spread between various ballads than a winner from that sea of ballads. The jury from Cyprus will, of course, give 12 points to the Greek ballad and the Netherlands might get top points from Belgium for its ballad, for example. I would be suprised if the juries can agree on a winning ballad, and I don't think any of these songs will get major support in the televote. Should there be a clear jury favorite after all, there could be a surprise winner, especially if the song is staged very well, leading to more support from the audience at the same time.