There is a chance, for a few reasons. The Twins had one of the least lucrative local TV contracts to begin with, so that helps minimize the downside. Also, the Twins only get half the local TV revenue and the rest is shared with the league which cuts the downside (and the upside) in half.
Diamond Sports was making more TV revenue than the contract cost them, just not enough to pay the debt service incurred when they spun off the company. A broadcast partner with less debt would still make money paying the Twins the same amount.
The Twins are going to look to increase their TV audience next season even if they have to take a short term revenue hit. An increase in the TV audience has benefits for attendance, merchandise sales and the value of advertising sold inside the stadium.