This was a really good write up and I enjoyed reading a lot of the comments, just wanted to add my own two cents. I think most people agree that there is a positive correlation between spending and winning in MLB. But I don't really want to get into the debate. I agree the Pohlads could spend more and be more aggressive than they are now and see higher revenues most likely. I think part of this is revenue sharing, but also the fact that a lot of revenue comes from smaller and smaller pools. The TV deals now cover lots and then I imagine you have 20/80 ratio with fans spending. Around 20% of fans will spend around 80% of the money. So that leads to them trying to secure those more manageable low risk sources than trying to double their attendance. Unfortunately, that's how the MLB is these days and I think most owners will collude (explicitly or implicitly) to keep it that way.
The second part I wanted to mention that I don't think I saw mentioned here was investing in personnel. It seems like the twins don't spend when it comes to their staff either. The example (though I could be cherry picking) that comes to mind is James Rowson, who to my knowledge was rated highly by players, getting hired away by the MARLINS. That means either the twins didn't think he was any good or they didn't care and let him walk for some minor position in an organization who's spending makes the twins look like the red sox. I can think of other instances, like the catching coach for example, who got hired by the yankees which is more understandable.
I think the thing other than personnel is the organizational philosophy/shared knowledge that the Rays seem to have. No matter how many people get hired out of that franchise they never seem to lose their touch. This season their injuries were not far behind the twins, yet they made the playoffs in baseballs hardest division. That is serious organizational ability, the twins on the other hand... I really have no clue how you build up that kind of ability or how long it takes (the rays to my knowledge have been doing this since the mid 2000s) so we might just have to wait longer for the twins. But I think that their ability to either scout, develop, or rework players is absolutely key to being successful with a league average or below payroll.
Last point I would bring up is the twins could invest more in their minor leaguers. It's no secret that many non top prospects or those players who's families can't support them have sub par (to put it midly) living conditions. If you invested in housing (which I think they're doing), proper food, mental and physical health, subsidizing off season training I think you would get some serious benefits. Not only to the quality of their minor league teams, but also perhaps a guy who couldn't struggle through those conditions can become a solid major leaguer. Which is well worth the investment when you think about how much wins cost. Though given the minor leaguers have elected to form a union I'm really hopeful things will improve for them, that isn't an excuse not to try and build a top farm system that really supports it's players in ways other teams don't.