Ok. Then let's talk Adley extension. Let's talk Gunnar extension. Do you really think ownership would run the payroll to $175M then extend those two? You'd be talking north of $215M. Don't see anything close to that.
Love to be wrong but I'd way rather extend position players and trade prospects for top tier pitching.
I think revenue can likely support up to the luxury tax limit. That's $241M next year (total calculation includes more than just 16-man payroll, so shave 10% or so for that overhead if you're just thinking usual Opening Day payroll).
They paid out $150-160M a decade ago, before a massive increase in league wide revenue. Haven't tried to crunch any numbers and would be hard to find good sources to use, but I'm fairly confident the break even point is in the ballpark of the luxury threshold. Forbes reported the Orioles made $328M in revenue last year.