He is the 4/1 favourite here, next best is Mickelson at 8/1.
That said, odds don't represent the chance of someone winning, but rather the money wagered. It's why Chelsea have been favourites for the Premiership for the last 3 seasons despite Man U being defending champions - more money wagered on Chelsea, thus higher liabilities for the bookies. If you want to find the truest odds, then betfair is the place to go.
The Masters field is very small, and many of the players are a non factor. Add in the changed course, which stops players going low, then I don't see him missing the cut.
He's putted poorly there the last 3 years yet still finished in the top 6, including a runner up finish.
I say he makes the cut and contends, and if he plays anything towards well then he probably wins. The furore might just affect others more than him - and he might play with a freedom that could spell trouble for others.
Steve Stricker is the value each way bet at 25/1.