Forget about anything else, just look at what Gaetz himself has admitted:
1. He is being investigated by the DOJ, and somehow the money he has spent on "ex-girlfriends" is relevant to this investigation. He has denied sleeping with 17 year olds, but admits he is not a monk.
2. There is or was some scheme to free an American being held by Iran, and Gaetz and/or his father were approached to bankroll the scheme. Gaetz claims that the people behind the scheme promised to make the DOJ investigation go away if the money for the scheme came through.
3. Gaetz asked Trump for a blanket, pre-emptive pardon.
Yeah, I'm curious to see what exactly is and is not true in all this, but it sure does not look good for Gaetz. His association with Greenberg, the fact that they were both in the government office late on a Saturday night doing something with expired drivers' licenses, and his generally creepy behavior suggest that him sleeping with and/or trafficking underage girls might actually have happened. And setting aside his politics, his whole vibe of being an entitled but not especially bright rich kid doesn't help him at all.
I don't really get his claim of extortion, which has been denied by McGee who has threatened to sue Gaetz for defamation/libel. Extortion is generally when someone demands money in exchange for not doing something bad to you. Like if someone had approached Gaetz and said that they had incriminating photos of Gaetz and would send them to the press and/or the DOJ unless he paid $25 million. But here, Gaetz says it's the opposite; money was demanded from him or his father in exchange for doing something good for him, i.e. making the DOJ investigation go away. Maybe that still fits the legal definition of extortion, I don't know. But it's not what would typically be considered an extortion scheme.