There are two sides to that contract. I'm guessing, when they negotiated that deal there were expectations. I'm guessing the Angels expected Trout to play to the best of his abilities and I'm guessing Trout expected the Angels to do their best to put players around him that would help him get to the post-season. If Trout mailed it in and didn't play up to his normal standard - most fans would say he's not living up to his contract. If the Angels "mail it in" and don't do everything they can to put the best possible team on the field, some might say they're not living up to their end of the deal.
BTW... I'm not saying this is what's happening...
So, technically Strad, you're right. But this is also about a relationship between a generational player and an organization. In some ways - the Angels do owe Trout, IMO