That's bizarre. Davis hasn't got a plan. He hasn't got a plan B (I'm not sure he's even got a plan A). He just knows that no deal is bad - maybe even worse than a "bad deal" (as words in brexit land seem to be losing any real meaning). Your only hope would be that he doesn't understand the meaning of "mitigate" but I'll assume that someone who uses "otiose" knows that mitigation is only needed to avoid bad effects
As for the idea that the committee didn't know whether "no deal" would be a bad thing maybe reading the report would help.
Conclusions.
47.We note the Foreign Affairs Committee’s recent conclusion that a ‘no deal’ scenario “represents a very destructive outcome leading to mutually assured damage for the EU and the UK”. We share that view. It is, therefore, very important that both the UK and the EU avoid reaching the end of the two-year negotiating period without an agreement. The Government has talked about walking away from a bad deal, but has not yet explained what terms would be demonstrably worse for the UK than ‘no deal’. The Government should therefore conduct a thorough assessment of the economic, legal and other implications of leaving the EU at the end of the Article 50 period with ‘no deal’ in place. This should be published. The public and Parliament have a right to the maximum possible information about the impact of the different future trading options being considered, including the possibility of no FTA being reached. (Paragraph 293)
48.Without an economic assessment of ‘no deal’ having been done and without evidence that steps are being taken to mitigate what would be the damaging effect of such an outcome, the Government’s assertion that “no deal is better than a bad deal”, is unsubstantiated. Parliament must be in an informed position to decide whether a proposed deal is, in fact, better or worse than ‘no deal’. (Paragraph 294)