I think the margin of error is going to be very tight and a difference of 2 seconds can leave one of the big guns out of a medal. Here's how I see the results depending on the winner's time.
1. Sub 3:27 - Jakob is a heavy favorite as the fastest in the field, but this will require a pacer. Potato Tim could serve the purpose, but I highly doubt he will take the risk because unlike Tokyo the field has several fast runners who could leave him out of a medal. No one else will be pacing anywhere near 3:27. If it ends that fast, I predict Jakob-Kerr-Goose.
2. 3:27 - 3:28 - I think the only way we see this time run is with Jakob pushing from early on, and the only runner in shape to hang onto him and snipe him is Kerr. Unless Kerr has to surge and fight for positioning behind Jakob, I favor him heavily in this range. I know Jakob can handle the fast time, but I just don't see him having another gear at the end if he's doing all the work. In this time range, I predict it'll be Kerr-Jakob-Goose. 3rd place is a bit of a toss up here, with potential for Tim, Kessler and Hocker if they can run very clean races.
3. 3:29 - 3:32 - Assuming Jakob takes the lead after 400 and squeezes the field through the end, I think it plays into Hocker's hands as no one can match his kick off a manageable pace. He can drop a 53 but will need to be within striking range. Kerr will be glued to the front and secures a medal. I would boldly predict Hocker-Kerr-Jakob, with Kerr just sniping Jakob at the line. Depending on how clean he runs, I think Kessler may very close to bronze.
4. 3:33 or slower - the only way this happens is if by some miracle Jakob decides to roll the dice. This would be total carnage. We would see surges, elbows, runners getting boxed in. It would be a toss up, but here I give Hocker the edge if he can stay out of trouble. Tim would be a contender as well but he doesn't run cleanly. It's a toss up, but would say Hocker-Kerr-Kessler.
I see #2 as the most likely scenario. Jakob will go to the front, but he won't commit early enough to be able to run so fast as to take the kick out of everybody. I think he is overly confident about his fitness and speed and just doesn't see any other way to run this race. I do think he is afraid to go WR pace from the gun. It's just too risky. Plus Jakob has been planning for exactly this scenario since last summer and I think it'll go as planned. Kerr is just too laser focused and confident in championship racing. He knows this is the formula to win. IMO I think Jakob is mentally preparing for a silver even if he's pumping himself up to go hard.