Yes. I see it as falling under of the following categories:
If the payment is considered a "campaign contribution", and if Cohen made the $130,000 contribution himself, then Cohen would be guilty of exceeding the $2700 individual contribution limit or the $0 corporate contribution limit (he pleaded guilty to the latter). Trump would have no culpability. The Trump Campaign for President would also be fined for not disclosing the contribution.
If the payment is considered a "campaign contribution" by Donald Trump, then Trump would be guilty of the minor offense of failing to declare a lawful campaign contribution with the FEC. This is the "jaywalking" minor offense that Dershowitz referred to. To my knowledge no one has ever been convicted of it in federal court.
The payment cannot be considered a "campaign expenditure" by the Trump campaign because campaign funds were not used.
If the payment is not considered a "campaign contribution" or a "campaign expenditure", then there is no illegality.
Lanny Davis is insisting that Trump is guilty of a crime because he directed Cohen to make an unlawful campaign contribution. He just stated on Fox News that Trump is guilty of "the same crime" as Cohen. I suspect Davis is referring to "willfully causing an unlawful corporate contribution." That's the only interesting legal question that I see here.