So, let's say he comes back next year and has 65ish games near full health and puts up good stats. That's a pretty rosy outlook. Ok. Now, at the end of that season, he's an unrestricted free agent; so we either sign him to big money (which will put us over the tax) or we let him walk for nothing. We also have to re-up Exum and Hood that same off-season. In short, I fail to see how the scenario you've outlined puts us in a great position.
Favors is barely an asset right now. It's hard to let that fact sink in. The problems with Favors, Hood, Exum, and Lyles add up to a big mother****ing deal. Those are supposed to be significant chips. If they'd all played up to even just 2/3rds their potential, then I'd actually like our chances to get either Butler or PG13 in a swing-for-the-fences type deal. As of now, though, I can't see why CHI or IND would even care about any of them beyond a moderate interest for Hood, at best. Too many question marks around Favors' health. Too much bust potential in Exum and Lyles.
The case for PG becoming obtainable is that no teams wants to touch him because of the LA rumors. The Lakers, knowing this, come in and completely low-ball Indy in a effort to get him in a trade so they can cut some risk of PG being courted by another team. The Jazz just come in with Hood, who is at least a potential starter, and some fist round picks (could do 1 this year and a future pick). That could potentially be better than anything else they get.
The problem is if Indy is proactive enough to get a deal done before the season starts. If I'm Utah, I'm much more weary of trading for PG mid-season. Maybe it's stupid to be splitting hairs, but it seems in that scenario there is a much lower chance at the team integrating and becoming successful enough to get a high seed and get to the WCF.