Verdict
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It does not ignore the cap implications. We have the cap space to bring him back at a high level DE contract and still do some other things with Cooper, etc. Now would I pay him as much as Mack got? Of course not. If that's what he wants then you have to make the tough decision and let him walk. But he's one of the better DEs in football and if he gets a deal like that, so be it. I can live with that.
The flipside here is that your entire post conveniently ignores the reality that if you subtract Lawrence, you have taken a major step back on defense unless there is some plan to bring in a Clowney or Frank at DE (which is unlikely - Clowney might cost as much as Lawrence and Frank is going back to Seattle). Anyone who sits there and suggests we can be really good with Gregory, Charlton and Armstrong and Crawford as our DEs absolutely cannot be taken seriously on this topic.
It doesn't matter if you take a step back or not. You have to set a cap on what he is worth and then stick to it. That's the salary cap world as opposed to rainbows and unicorns.