Lower blepharoplasty with release orbital malar ligament? (Photo)

Best technique to address under eye bags without changing the eye shape or causing lower eyelid retraction or causing hollowness is transconjunctival lower blepharoplasty with fat/bags repositioning. That involves releasing the ligament in a safe way. See following link.

Hello and thank you for your question.  The
best advice you can receive is from an in-person consultation.  In order to avoid risk of lower eyelid malposition, I would recommend a transconjunctival approach with fat repositioning.   Make sure you specifically look
at before and after pictures of real patients who have had this surgery
performed by your surgeon and evaluate their results.   The most
important aspect is to find a surgeon you are comfortable with. I recommend
that you seek consultation with a qualified board-certified plastic surgeon who
can evaluate you in person.
Best wishes and good luck.
Richard G. Reish, M.D.
Harvard-trained plastic surgeon

You have some mild fat prolapse.  I prefer to reposition fat to avoid hollowing post-op.  When we do this, the orbital and tear trough ligaments are elevated and the fat placed below these.  If you have excess skin this can be removed.  Depending on the amount of actual lid laxity you have, the lid may need to be tightened in the corner.  When done correctly this should have minimal change in the eye shape.  Make sure you see someone who does a lot of lower lid eyelid cosmetic surgery.