A team that was really interested in obtaining a catcher could have signed JT Realmuto. He only received 3 years, $45M from the Phillies.
Who is looking for a catcher? Boston, Pittsburgh, Texas and San Diego were rumored to have interest in Realmuto. Boston has Narvaez so they should be okay. Pittsburgh spent their $$ on Lowe and O'Hearn. Texas signed Danny Jansen. That leaves San Diego as the only likely suitor. What kind of return do you think the Twins would get with only San Diego looking for a catcher? There are stopgaps still available in free agency - Jonah Heim, Gary Sanchez, Reese McGuire.
After Bellinger signs with the Yankees or Mets next week, there won't be any good LHB OF remaining. I am guessing a team would rather acquire Larnach than Tauchman, Winker or Conforto.
Larnach is making $4.5M vs Caratini at $7M. If they shed Larnach's salary, payroll goes down to just over $100M.