Unless it puts the Jazz under the cap, at which point it would not need an 'exception' (Minnesota didn't receive a TPE from the Jefferson deal with Utah, Toronto only got $9 million TPE dealing Bosh because it put them about [and only] $5 million under the cap).
To trade Jefferson in the manner suggested gives you no guarantee on what exact financial flexibility or options you're left with. TPE's might be eliminated altogether (or existing ones grandfathered which would make sense), the cap number is probably the least-predictable thing to come from a new CBA as the idea of a hard cap AND a across-the-board player salary cut are being discussed. If the current CBA were to be kept, the Jazz would be somewhere between $15 (absolute low-end) and $21 million under the cap. And that's certainly enough to ruin some other team's offseason at the very worst as having cap space is far better than a TPE.
But again, since the CBA will be new, who knows. It would certainly put the Jazz under whatever cap might be put in place, and they might even be granted a TPE by the league retroactively if they lose most of their cap space. Who knows.
