TT has posted some variation of this before, but I can't find it so I'll paraphrase, probably poorly:
Which of these scenarios is more likely?
A) Last spring, famously conservative Jed Hoyer signed Cody Bellinger to a deal that put the team right on the razors edge of the luxury tax. He chose not to do a longer/lower AAV deal to ensure they stayed under for...reasons. At the trade deadline Jed added salary, all but ensuring that the team would be over the tax. He didn't trade away any additional salary (Smyly, Tauchman, etc.) because...hubris? Now the team is going to have a materially lower payroll in 2025 than they would have if the team had been able to sneak under the line
B) Tom Ricketts is intent on keeping payroll within a stone's throw of the luxury tax (let's say within $10M?) in all but the most special of circumstances. As such even with repeater penalties, the tax bill is going to top out at ~$5M per year. Jed has already shown he will only sign QO free agents when they're impact players, so the extra draft penalties will either not come up at all, or be such a non factor if he does pony up for e.g. Max Fried.