They have to drop below the cap. Without looking, they could renounce Middleton’s cap hold and probably get there as long as they haven’t already re-signed Brogdon. I don’t understand how they could have three max players and stay under the tax, but still be over the cap if two of those players aren’t yet maxed.
I am shooting from the hip. But I know they have to keep Lopez. They are not getting that level of size, shooting, rim protection, IQ, and general offensive skillset anywhere else. And his anemic rebounding is fine next to Giannis.
However, in that circumstance, Middleton and Brogdon become vulnerable. But if I’m them, I think long and hard about taking that risk.