Actually, it would be FOUR rookies if you count Neto. He wanted to come over last season so I think it's almost a given he'll insist on making the leap after summer league.
Roster-wise, I guess they could: assume Jazz cut Lucas, Thomas and Clark, keep Hayward, re-sign Marvin and bring Neto over. Also assume Garrett or another FA is signed as the 3rd PG. Draft three rookies and they're at 13 players, but still around $50M. Jazz will want to get to the salary floor, so they'll perhaps need to sign 2 mid-tier FA's to get there. But if Murphy or someone else impressed, it might result in the 3rd draft pick getting cut. Better to go with a "draft and stash," IMO. Take a flier on a young prospect who isn't quite ready but has a ton of potential.
I'm with Cy. I just don't see FOUR rookies making the roster. In addition to the roster limitations, 2014/15 is the LAST year the Jazz will have up to a MAX slot available under the cap, even counting a substantial raise for Hayward. After that, if Burks and Kanter return, their new contracts will eat our cap space.
GVC is the expert on this, but if the Jazz end up paying Hayward around $10M and renounce the rights to all their FA's, total salaries would be at $37M for 7 players. I estimate cap holds for the 3 picks would be around $5M, depending on where the first pick falls, and then add in a nominal amount to bring the roster up to the minimum (or Jazz simply retain rights for a couple of their non-guaranteed players unless/until they need the roster or cap space for a FA or in a trade). I'm not saying the Jazz will find a max player. But maybe they can find a couple of "Millsaps" at bargain rates, or deal with a team wanting to offload a young player who is past his rookie deal and doesn't fit within the cap space of that team anymore. If Lindsey wants to swing a trade or sign some good FA's, this is the year he has the cap space.