Jabari at the MLE would be a fantastic deal for us. Doubt it happens, though. My guess is at least one team will have the room/willingness to pay him above the full MLE, which likely prices us out.
IMO, I don't think Favors and Jabari would be mutually exclusive for us. I think if Favs re-signs, he does so knowing it will be a hybrid starting PF/backup C role. Most games he'll start, some games it will be clear that a smaller lineup is better and he'll come off the bench.
Similarly, if Jabari's market isn't great, I think the MLE with Utah would be a tempting place for him. He complements Favors/Rudy really well and regardless of whether or not he starts, he'll get plenty of minutes if he stays healthy. Sign a 1+1 or 2+1 at the MLE (last year being a player option), revive your value, and figure out next steps from there.