DD- Theta Gang Gamble on CVNA

Ok this play is pretty simple.
Carvana(CVNA) may or may not go completely bankrupt. Articles are saying that they will have enough cash to last till the end quarter of 2023. This ain't good but it means the lady opportunity is about.
Proposition One(Sh*t hit the fan time to short)
Ain't a good idea boss, first of all implied volatility is insanely high so options are expensive AF and you aren't going to cash in as big as you'd like after the IV crushes.
Short shares ain't a good idea either because if they get together you are looking at unlimited upside risk dawg.
Proposition Two(Theta Gang on da block)
If Implied volatility been smoking that pack and is sky high then it's time to sell some options. When we look at the 19 May 23 .5 strike put option it is going for an easy 10 spot per contract with a max downside of 40.
Why we do this? Listen, Carvana is estimated to last at least until the end of 2023 and this is only half a year out. Its highly unlikely Carvana is going to go sub 1 dollar until its fate is definite. If they get their sh*t together at least somewhat you are looking at a strong 50% annualized return on capital or 25% return for the play. If they go bankrupt you lose 40 bucks per contract.
$Carvana(CVNA.US)$