If going over the luxury tax is not an issue, then yeah $10M for Merrifield isn't a problem. Provides some depth at 2B and in the OF, some speed on the base paths. If an injury happens, he could step in and start over a couple of weeks which won't hurt you. Can't afford to be giving players like Espinal or Tapia ABs on a team with World Series aspirations.
If the Jays are worried about going over the luxury tax, then I think that $10M is better utilized elsewhere on the roster.
Teo likely gets a 2 year deal or something given his strong finish to the season. Teo would be nice, but this team still needs another elite player who can post 4-5 WAR. You can't rely on Vladdy to be that guy. Can't mess around in 2024.