Yes, I think the PSD is a pretty empty threat. What is the threat? "Pay up or we send him to the PSD and another club will get him for nothing".
OK - so he goes to the PSD with a (say) price of $800K x 5 years on his head.
Brisbane & Gold Coast - if they even bother to keep a pick for the PSD - will one of them take him? Will they stump up $800K x 5 years for a third tall defender who doesn't want to be there? What - with the idea that they can on-trade him for a profit 1-2 years later? Assuming that a Vic club (of Lever's choice) will still be willing to pay up at that time?
I don't think so. I think threatening "Brisbane or Gold Coast in the PSD" is an empty threat. OK, then you've got North and Carlton, so maybe one of them would be silly enough. Then Freo, then Collingwood - and now we're getting to the point where one of the contenders for his signature could pick him up for free.
The only way he goes to the PSD, IMO, is if Melbourne/Collingwood or whoever make a ridiculously low/stupid trade offer. Which won't happen. They'll offer something decent. It may not be enough to satisfy Crows supporters, but it'll be enough to make the PSD a non-starter.