I think the 2026 luxury tax thresholds are:
$244M
$264M
$284M
$304M
Fangraphs says the Jays are already at $263M
$284M is where the bigger surcharges (45%) begin and draft pick penalties begin (you move back ten slots)
So the Jays can spend another $20M, without moving any money away, assuming they want to avoid beginning the year in the draft pick penalty range.
But when you are throwing around $210M on Dylan Cease and $500M on Vlad and so forth do you really care about your draft pick sliding back 10 slots? Or one year of a 45% or 60% surcharge on the luxury tax you pay? Maybe they just blow it out of the water this year.
There is about $91M coming off the books after 2026 (Springer, Gausman, Varsho, Bieber, Lauer, Yimi, Straw). Some of that money doesn't necessarily need to be used again immediately. They obviously need a CF and will probably add at least one SP. But, a chance to let payroll trickle back down so they aren't above the upper thresholds with no way out of it for years on end.