Draymond Green (left) is eligible for an extension, but the Warriors also will have to make a contract decision on Jordan Poole (right).

This offseason, as Golden State Warriors players take turns bringing the Larry O’Brien Trophy to their hometowns for parades and parties, the team’s front office must consider a less-pleasant reality: the threat of a financial reckoning.

Barring massive extensions in coming months, guard Jordan Poole and forward Andrew Wiggins will become free agents next summer. To bring those two back at their projected market values while paying Stephen Curry, Draymond Green, Klay Thompson and the rest of the players already on their books, the Warriors could face a total 2023-24 payroll — salaries and luxury taxes — north of $500 million.

Majority owner Joe Lacob views that as an impossibility. The Warriors doled out an NBA-record total payroll of around $362 million this past season, and they are reluctant to cross the $400 million threshold. Though Green and Thompson are extension-eligible this summer, Golden State’s brass knows that its most critical dilemma comes down to a single choice: Keep Poole, or keep Wiggins?

Before making such an important decision, the Warriors would be wise to see how both players progress over the next 12 months. But right now, given all the information available, Poole seems to have the higher chance of being the odd man out. The reason is simple: Two-way wings like Wiggins are harder to find than score-first shooting guards like Poole.

If the Warriors try to extend Poole this summer, they will likely need to start the conversation around four years, $105 million. Anfernee Simons’ four-year, $100 million extension with Portland and Jalen Brunson’s four-year, $104 million deal with the Knicks necessitated as much.

But given how vital Poole was to a championship team this past season, few could blame him for asking for more. The question is whether that would be a smart use of the Warriors’ resources.

Green reportedly wants a four-year maximum contract extension. If the Warriors gave him that, they would pay him $30.9 million in 2023-24 — $3.4 million more than his current player option for that season.

Thompson is under contract through 2023-24 and is content to wait until next summer for a potential extension. By letting Poole sign a huge contract elsewhere in restricted free agency next summer, the Warriors’ projected 2023-24 payroll including the Green extension could drop from more than $500 million to less than $350 million.

That is a palatable number for Lacob, who showed just how intent he is to keep costs down when he didn’t re-sign guard Gary Payton II and forward Otto Porter Jr. Poole advocates would argue that the Warriors could trim even more money off their projected payroll by parting with Wiggins. But even though that might be true, Golden State must think about replacing each player’s production.

Just a few months ago, the Warriors appeared destined to move on from Wiggins. Now, after being the second-best player in the playoffs for a championship team, he looks like a franchise building block — the type of small forward who can make life difficult on the opponent’s top scorer, rebound at a high rate and offer an efficient No. 2 option to Curry.

The Warriors must think about more title runs, and Wiggins has proved he can be reliable on the biggest stages. His defense on Luka Doncic in the Western Conference finals and Jayson Tatum in the NBA Finals was a driving force behind Golden State’s fourth championship in eight years.

During the playoffs, the Warriors outscored opponents by 14.4 more points per 100 possessions with Wiggins on the floor than with him off it — a team-best differential. As for Poole? The Warriors were slightly worse with him than without him during the postseason, which can be blamed on his subpar defense.

With Curry now solid defensively , Poole was Golden State’s only top-eight rotation player who was a liability on that end. That matters. Though few doubt his offensive potential, he doesn’t necessarily have the tools to become an above-average defender.

Teams such as the Spurs and Magic that could extend him a max or near-max offer sheet in restricted free agency wouldn’t be as worried about Poole’s defense because they’re just trying to reach the playoffs. Until a franchise proves it can make the postseason consistently, it will always focus more on a player’s scoring ability.

If the Warriors let Poole sign elsewhere next summer, their defensive strides in his absence would help negate some of what they would lose with his offense. Even though Golden State doesn’t have another young scorer quite as polished as Poole, it does boast up-and-comers such as Jonathan Kuminga, Moses Moody and James Wiseman with significant offensive upside.

A Poole departure would mean more opportunity for that group to develop its arsenal of post moves, floaters and jumpers. If Wiggins were the one to leave, the Warriors don’t necessarily have anyone who can replace his two-way production. Thompson would have to settle back in as the team’s primary perimeter defender — a responsibility he might not be ready to re-assume.

There is also the matter of age. At 27, Wiggins should still be in his prime once Curry (34), Green (32) and Thompson (32) decline or retire. It’s easy to envision Wiggins serving as a 30-minute-a-night elder statesman for Kuminga, Moody and Wiseman.

Fresh off his 23rd birthday, Poole is part of the Warriors’ young core — not a potential bridge between generations. The odds of Golden State falling well out of contention after Curry, Green and Thompson retire feels much higher if Poole stays over Wiggins.

The good news for the Warriors is they have the luxury of time. Though the front office is expected to discuss extensions with both Poole and Wiggins in coming days, it recognizes that it might be better off seeing how next season unfolds.

The only certainty: One day in the relatively near future, the Warriors will face a financial reckoning. How they emerge from it could shape the franchise’s long-term future.

Connor Letourneau is a San Francisco Chronicle staff writer. Email: cletourneau@sfchronicle.com Twitter: @Con_Chron