I’m of two minds about this, or maybe even three minds:

On Friday afternoon, Joseph R. Biden Jr.’s campaign manager, Greg Schultz, convened a conference call with supporters to outline a path forward following two bruising losses in Iowa and New Hampshire.

The campaign, Mr. Schultz made clear on the call, was banking on finishing in at least second place in the upcoming Nevada caucuses, a contest that will offer the first major test of Mr. Biden’s assertion that he can uniquely assemble a diverse coalition.

First, saying this even on a conference call of supporters can be expected to leak, as it did. So, hopefully, they wanted people to know that they’re shooting for at least a second place finish. The upside is that it sets expectations a little low so that a second place finish doesn’t seem like a disappointment to the campaign. The downside is that a failure to finish in the top two will now be magnified and impossible to spin.

Which leads to my second thought, which is that they must be pretty confident that they’re in a good position in Nevada. If they thought there were tanking, they’d be prepping people for that.

But then there’s a final possibility, which is that they really do believe they’re tanking and the call was an effort to rally people so that perhaps they can finish as high as second place. In this scenario, things are so desperate that they were willing to risk a likely leak because it won’t really matter if things keep on the current trajectory. If Biden does poorly in Nevada, maybe they believe any chance of winning in South Carolina will be lost and the campaign will effectively be over.

All of these seem like plausible scenarios to me, which makes it hard to choose between them.