Protected.
The value in the 27 or 29 picks for the Jazz is that they can used as trade chips for the next 5-7 years, so when they’re ready to go all in again, they have more to do it with. Unless they strike gold, their late first round pick this year isn’t going to do that.
If it costs them the #28 pick this year on top of Conley/Beasley/Vando to get two unprotected LAL, I still think that’s a good deal.