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First, we aren't assuming that Fielder will be worthless in 7 or 8 years, nor are we saying that spending $20 million+ on a worthless player wouldn't hamstring the team. What we are saying is that even if he pulls a Bagwell and practically doesn't play at all the last two years of his contract it wouldn't necessarily mean that the M's are doomed. It's just a way of illustrating that overpaying him at the end of the contract isn't some deathnell to the franchise that must be avoided at all costs.
Second, you can't just look at the last couple years of a deal and come to a conclusion. As Tango explains here, you have to look at the contract in it's entirety. The team will likely get a significant discount at the beginning of the deal which will offset the overpay at the end.
That's why Fielder makes sense for this team. The M's can push some of his current costs on to later years which allows the team to get more talent in the short team and thus makes it easier to start winning in the next two years. And once the team becomes a winner again revenues will increase which will offset the declining value of Fielder's contract.