Yeah the Phillies are probably the best case scenario for what the Jays are currently trying to build. Spend big in free agency, make trades for controllable impact talent, and then go from there. Even if the team falls out of it this season and has to sell at the deadline, they could try to sneak under the luxury tax and clear room for more spending in the winter. That's really the only option they have.
As you said too much $ allocated to ~2 WAR talent right now (Springer, Berrios, Bassitt, etc). So far they've at least extended or acquired the contracts of players with 4+ WAR ceilings (Vlad, Kirk, Gimenez), but they are seeing the back end of the last round of FA spending so a lot of declining years all at once (Springer, Gausman, Berrios). The next round of FA spending has to be for elite level talent with longer shelf lives and the 2 WAR players should be the ones making $750k. Easier said than done.
One thing is for sure, with all the money coming off the books, and Vlad's CBT hit only being about $6M more in 2026-beyond, they absolutely need to sign one of the FA starters available (Gallen, Cease, King, Valdez). Not much on the hitting side other than a pipe dream (Tucker) and re-signing Bo, so they probably have to be creative there.