Cody is #1 pick for Rumble as Reigns' reign should end to a wrestler who can help company full time.
Although, #2 is The Rock. I hate to even consider it BUT it's The Rock, most legends have now been winning Rumble twice like Cena, Orton, Edge, Triple H, Batista, Lesnar & Austin so Rock winning from #30 would work. And come WM, they could swerve with Rock winning then vacating the belts to save company from Reigns, or Reigns could win and continue his run until at least Summerslam or even WM 40, where surely it will be Cody then....
#3 - Reigns but #3 is a last resort if no Cody or Rock. I would say Sami as then it would be the classic Reigns would convince him not to challenge him but Sami as Royal Rumble would be a huge left field. Reigns himself winning as champion could work for him then to be the 1st to win as champion but also get to choice his own opponent at Wrestlemania, which could then be The Rock. Would give Reigns his 2nd Rumble win and a way to get more heat on him especially if he costs Rhodes the Rumble in his winning it himself. The Long build will then be set up for Reigns vs Cody whilst also being able to Reigns vs Rock at WM39 which was their plan. Then if they still can't get Rock for a WM match, Reigns could pick Austin at his WM opponent instead, who's rumoured to be available again.