I think we have the smaller taxpayer MLE which is like half of the full MLE (because I think we are in the luxury tax even if Conley walks, right?). I think Lonzo will command more than that, and I think we only consider using the taxpayer MLE if Conley walks. Otherwise it just pushes us further into the tax for a player that probably won't move the needle much.
I think we also have some trade exceptions. I don't recall the Jazz ever actually using a trade exception though. The only way to get Lonzo here is probably some sort of sign and trade scenario.
I would be okay if the Jazz tried to make moves to get under the tax line or minimize the tax. I don't think we have a roster worth going deep into the tax for, but I guess that is Smith's choice. I'd prefer we make the conscious choice to re-tool around Donovan even if it means getting worse for a few seasons, but that isn't going to happen under current leadership. We are just going to continue whiffing in the draft and keeping the current core together.
We are not in the luxury tax if Conley walks.