At first glance looks like a light return for Teo, though Jays need to follow up this move with another OF signing or trade which they most likely will.
Even during what was considered a down year for Teo, he still posted a 2.4 WAR and the hope was in his contract year he would have put up big numbers and put up a 4-5 WAR season. If he does that with Seattle, hurts the Jays in the short term. Seattle likely will offer Teo a QO if he has a good 2023 season as well.
Long term, from a cost and control standpoint, the Jays get Swanson for 3 years at a very respectable cost rather than spending $30-40 million on a middle reliever during free agency. Swanson posted a 1.7 WAR last season and was an elite high K bullpen arm. If he continues to build on his 2022 season, he for sure will help the Jays. Only concern is we know relievers are volatile. Macko seems like a high upside arm who could start or worst case end up in the bullpen. 6 years of control is nice as well.
If Teo hits like he did in 2022, then nothing to cry over about losing him. If Swanson can repeat his 2022 season and have a 1.5-2 WAR season, based on salary + control of him and Macko, win for the Jays. If Swanson shits the bed, gets injured and Macko is just a minor league guy who never does anything in the bigs, then Mariners who are contending probably come out on top in the short term.
Should be easy to replace Teo with a FA signing or trade. Jays should be able to target a 3-4 WAR outfielder or better. As well, I think the way Teo presented himself at times this season, maybe moving him wasn't a bad idea after all given if they want to change the clubhouse culture a bit.