Yeah it's possible and in general it's hard to see the Jays outbidding the Dodgers but I think Ohtani helps the Jays franchise more than he does the Dodgers, and that could lead us to putting up a bigger bid.
Think of it this way, Ohtani doesn't really transform the Dodgers organization. He cranks things up to another level perhaps, but it isn't transforming their organization. They are still one of the top orgs with or without him.
Ohtani coming to the Jays just completely changes things for this franchise. Honestly, it probably changes things for the country a little bit as crazy as that sounds. I think everyone could be pretty damn proud that the biggest free agent in sports history chose to play in Canada. So the transformative value that he brings to the Jays could give us the extra juice it needs to throw a gargantuan number at him that even the Dodgers won't match.
Now I'm not saying this to suggest we have even a 30% chance. It's probably like 10 if I had to guess. But if we do get him I think this is why/how it happens.