Correct, but what he is very unlikely to do is sign a multi-year deal until Meyer is a free agent. That may prove beneficial to the Twins if he were to get hurt, but his clients typically go year to year to maximize their value.
The Twins may decide to go the Oakland route: develop a young pitcher, keep him for 3-4 years while his salary is low, then trade him for multiple young pitchers. That strategy accomplishes the following: builds a pipeline of quality young pitching, builds a rotation comprised of young, lower salaried, less injury-prone, and easy-to-trade pitchers. Result: lower payroll, fewer pitchers requiring surgery, and less disruption of the rotation from the major league team down through the top minor league teams. A reasonable explanation of how Oakland can win a division on a tiny payroll.