It's accurate in that everyone understands it's the present value of the contract. The Dodgers have to put the amount of money into an escrow account that, with some sort of standard interest rate, will mature into the $70m they owe him yearly. They could have paid Shohei $46m up front and he could have done the same thing. They aren't like, tricking the players or anything. If I offer you $50 now or $70 10 years from now, you should take $50 now.
Now, you could argue the Dodgers, as part of the larger Guggenheim shenanigans, are uniquely (and/or unfairly) able to outgain the standard interest rate, and so keeping the money on hand and invested in whatever is advantageous to them. But it wasn;t like Shohei was considering a $50m/year offer with no deferrals and then was like 'oh, $70m is bigger than $50m'