The smart money in basically any year is "right at the luxury tax line, probably a smidge under". That has been where payroll has defaulted under Tom. The exceptions have been when A) the team has been bad B) right after COVID C) circa 2015ish when the team had so many pre arb salaries they practically couldn't spend more D) 2019 when they actually went way past the line. Clearly that's a number of exceptions, but more years than not they've hugged the LT line.
For that reason I tend to think in terms of luxury tax dollars rather than 26 man payroll dollars. But ballpark it there's usually about a $25M in difference between the two. So $244M as the LT line, minus $25M to convert LT dollars to 26 man dollars, minus a little bit for in season moves, and I think that $200-210M range is right expectation for opening day payroll, with the team likely crossing $211M during the season.
If you want to be optimistic, I think this year makes more sense than most to blow it out a little bit. A decent length playoff run is a good windfall, and there's incentive to try and push for another next year. On top of that, generally if you spike payroll you're realistically committing to doing it for a few years. Reason being there's only so many 1 year deals you can fit onto a roster. But with 2027 payroll currently looking something like $80M, you could add 3-4 meaningful multi-year deals and still open next offseason in good shape to navigate the LT. Again I'm not counting on it, but it feels more likely than most years.