IMO he is now the 4th best GC rider behind Pogi, Vingo and now Remco ... but there again, IMO Nibali was the 3rd best (Froome, Contador) in 2014 starting the TDF, so there is always a chance.
As far as this years Vuelta goes, since those other 3 aren't riding, he should be the favorite. Of course he has to start and even if he does, what will be the effect of not training properly?
Odds makers have him at 2 to 1, whereas one can get both Kuss and Yates at 5 to 1. Given the current odds and the little known about his injury situation, I think Kuss and Yates are much better bets.