$80,000 for 2021? 

The limit is $15,000 for 2021.  As such, if that election was made, the $80,000 is spread out "ratably" over the 5 years, so you would have $16,000 per year.

So there definitely would need to be a Gift Tax returns for 2021.

As for the other years, I don't think so (the limit increases to $16,000 for 2022), but I'm not particularly fluent on Gift Tax so perhaps somebody has a more definitive answer.  On the other hand, if the giver gave anything else to the recipient in future years (birthday present, etc.), that would go over the limit and a Gift Tax return would be required.

Will the giver ever potentially be subject to Gift or Estate tax?  If not, adding it all onto 2021 would be easiest.