Definitely sounds like Thompson will not be re-signed
Gus seems to manage the cap by assigning "roles" & then ranges of (what he considers) fair market values for those roles (and it seems to work pretty well).
He tries to not pay overs (or unders for that matter) for players depending on what "role" he recruits them for. Sometimes you get lucky & a player breaks out past the role they were recruited for (in which case, he's usually onto an upgrade before the wolves come knocking).
Not that Gus recruited him, but Thompson has been occupying a Marquee prop role since he got here along with the matching salary.
I don't think there is any doubt that he will not be filling that "role" beyond this year.
Based on his talent (which he does have), his current injury & how/if he recovers, an assessment of how his past concussions are going, and a myriad of other factors, he might be invited to take on another role within the squad (likely, at a much lower contract value).
Whether that scenario suits Luke (& the club - there might be better options for that role), remains to be seen.
If you were playing the odds, I wouldn't expect to see Thompson in the 2024 squad, but I hope he recovers this year, gets some time on the field, & takes the opportunity to give himself a chance to still be here (if that's what he wants).