The actual structure of the argument generally known as the "trilemma" is indicated by the argument's Latin name, aut deus aut malus homo or either God or a bad man. This suggests that in order to understand the argument you have to consider it a dilemma first, and then subdivide "bad man" into however many possibilities you like: liar, lunatic, legend, benignly delusion, that you want. If an argument has a name in Latin, this suggests that the argument is quite old, and it raises some questions as to who its initial target was. I have talked to people who have worked on it more than I have and they just say it goes back to the Middle Ages. So who was the target. Not, I suppose, members of the Jesus Seminar. Not atheists, who were not prevalent back when Latin was spoken. Arians and post-Arians, maybe? Or Muslims, who consider Christ a great prophet but vehemently deny his claim to be God?
In any event this essay is interesting, in that it takes off from a passage which John Meier, who have Jesus Seminar-type views on Jesus, thinks comes from Jesus himself. This reminds me of the arguments of Stephen Davis, who takes statements the Jesus Seminar thinks Jesus actually said and argues, on that basis, that even going from those passages Jesus is still making implicit divine claims.