Pedantry first: I'm never 1000% confident about this stuff but I believe the real amount under the tax is less than that. The payment into the pre-arb bonus pool adds 1.7 million, and the pro-rated MLB minimums of various callups/IL replacements tacks on more too(JeffH mentioned a while back the assumption is roughly a 33 man roster of at least the min, and that matches closely to Roster Resource's calcs). On the other hand I'm fairly sure the buyouts do not matter, they're a part of the AAV in previous seasons. If Hendricks doesn't come back he is $0 towards the 2024 LT. From my napkin mathing, it would leave you around 26 million under the tax line if all 3 of Gomes, Stroman, and Hendricks are back on their original deals.
That aside, I really wish I knew roughly where they were aiming to go payroll wise. I'd handicap it roughly like this:
20% chance they stay under the tax again. I would normally have this lower, but I'm conservative on it by nature, and Jed has called out how aggressive ownership was with payroll *last* offseason as if it's already at a high point. This would also ensure they don't get to the 50% overage rate since even if they go into it post-2024 they have so much money freed up after 2026 they'd be able to reset almost no matter what.
50% chance they go into the tax but stay within 20 million, including room for deadline moves. This gives them room to make substantive improvements but also allows room to grow above the tax prior to the 2025-2026 period where very little comes off the books. Yes, a lot does shake free next year, but that's also half of the planned rotation and a starting catcher, so counting all of that as found money doesn't seem like Jed's style.
25% chance they go into the tax above 20 million but less than 40 million. This is where Ricketts doesn't care about the specific overage on a team winning and filling Wrigley, and Jed sees Amaya/Horton/Wicks/Brown ready to backfill next year's freed up money and decides to go for it given the unusual amount of *young* talent potentially available(Bellinger, Yamamoto, Soto). He does this knowing 2026 gives a release valve that he'll either have an easy way back under the line or be fired anyway.
5% chance they exceed the 40 million overage. This is the 'F it, Ohtani pays for himself' outcome, and even then he's so valuable that you probably can get him and put a real good team together without hurting your draft pipeline in the process.