#2 Shouldn't win: Shayna Baszler
Shayna Baszler, the former NXT Women's Champion, could be a dark horse to win the women's Royal Rumble match this year, considering she hasn't been around on NXT since losing the title to Rhea Ripley. Knowing Baszler's dominance on the Black and Yellow brand, she might come out victorious in Houston, but it will not be a wise move.
As thirty women will be part of the Royal Rumble match, it is certain that a couple of women from NXT will be part of it to fill the spots. Given NXT's performance at Survivor Series, they should shine again at Royal Rumble. After dropping the NXT Women's Title to Ripley, Baszler might be done with NXT, and Royal Rumble could become her official move to the main roster.
Before getting a title shot on the main roster, Baszler needs to create momentum and an abrupt victory at Royal Rumble will not do it. However, Baszler could still make a significant impact if she survives for a long time in the match. It will not be surprising if Baszler ends up being one of the last three survivors inside the squared circle.