Dear Rabbi Kornfeld,
After bringing the first mishna of Masechet Peah the gemara quotes Rabbi Yohanan:
At first Rabbi Yohana says that he thought that there is a minimal value for the Korban Reiya, but learned from Rabbi O'shaya that the dispute is only D'Rabanan and that D'Oraita there is no limit - neither upper nor lower. Clearly Rabbi Yohanan is talking about the Korban Reiya.
Then the gemara quotes the difference of opinion between Rabbi Yohanan and Reish Lakish in which Rabbi Yohanan says thay the word "Reayon" refers to the visitation in the Azarah, and NOT to the Korban. Did Rabbi Yohanan change his mind regarding the interpretation of the mishna in Pe'ah - whether it is talking about the Korban or about the visitation?
Or should the gemara be understood as follows: The first statement of Rabbi Yohanan relating to the value of the Korban applies to to the dispute in the mishna between beit Shamai and Beit Hillel regarding the minimal value of the Korban Reiya and Hagiga; and the mishna from Pe'ah is a support of the opinion of Rabbi O'shaya. If so the gemara should have started with the first statement of Rabbi Yohanan in which he says that at first he thought that there is a minimal value for the Korban Reiya, but learned from Rabbi O'shaya that the dispute is only D'Rabanan and that D'Oraita there is no limit - neither upper nor lower, and then brought the mishna from Pe'ah which seems to support Rabbi O'shaya.
Then the gemara quotes the difference of opinion between Rabbi Yohanan and Reish Lakish in which Rabbi Yohanan says thay the word "Reayon" refers to the visitation in the Azarah, and NOT to the Korban - which explains that Rabbi Yohanan's opinion BEFORE learning from Rabbi O'shaya!
There being no continuation here of the difference of opinion regarding the interpretation of the mishna in Pe'ah we can assume that Rabbi Yohanan accepted the interpretation of Rabbi O'shaya, and thus all three: Rabbi O'shaya, Rabbi Yohanan and Reish Lakish all agree. Then the gemara continues with the question of whether a Korban is required on visiting the Azarah on the later days of the Mo'ed. This is a different issue.
Bivracha, Yeshayahu HaKohen Hollander
Here is what we wrote in the Background to the Daf, based on the MAHARSHA. I think it answers your question.
Be well, Mordecai
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4*) [line 7] MAI HA'RE'AYON - The Beraisa says that the Mitzvah of "Re'ayon" has no limit, instead of simply referring to the Mitzvah of "Re'iyah." From this we may infer that when the Beraisa says that there is no limit to "Re'ayon," it is not just telling us that one may buy as expensive a Korban Re'iyah as one wants. It is telling us in addition that there is no limit to the amount of times one may fulfill the Mitzvah of "Re'iyas Panim" during a Regel. One may observe the Mitzvah just once, or one may enter the Azarah many times during the Regel and fulfill the Mitzvah many times. Rebbi Yochanan and Reish Lakish argue over how the Mitzvah of Re'iyah is fulfilled, if it is performed more than once during a Regel. (RASHI, as explained by the MAHARSHA)