JWST's Early Massive Galaxies, Priced: The Baryon-to-Star Conversion Efficiency the Halo Census Permits at z = 10-14

Abundance-matching computation of the baryon-to-star conversion efficiency required by headline JWST galaxy candidates at z=10-14 under Planck LambdaCDM with a Sheth-Tormen halo mass function. Spectroscopically confirmed galaxies require epsilon = 0.09-0.21 (at or below the local peak, halo supply margin 82-604x); the extreme photometric envelope (10^10 Msun at z=13) requires epsilon = 2.30 and is impossible as stated, but is fully absorbed by priced systematics (photometric-redshift error -0.59 dex, IMF -0.23 to -0.48 dex, dust/SED -0.40 dex).