I’m headed down on Monday and am hoping to get some mountain biking and hiking in before the fest. I know it has been pretty (super) wet this spring so I’m wondering if anyone knows what the trails are like right now? Is it even worth bringing a mountain bike? Or should I bring my skis? 
You could do both.
While it has been rainy/snowy, the trails aren’t washed out … except in a few suspect spots or where the snow has stuck around a bit longer. Higher elevations, especially on north facing aspects in the trees might still have snow, but if you stick to the sunny side (Tomboy, Weibe, Deep Creek, etc.) you can go higher without hitting snow.