He could get us to the playoffs much quicker for sure, but there would be a cost and that cost would be draft capital and prospects. The team isn't competitive enough yet to attract free agents and without the arena sorted out, top tier players aren't going to willingly sign on. If he spent the picks now it's unlikely they stay a playoff team for a string of seasons and also unlikely they are a legitimate threat in the playoffs. There just isn't enough draft capital to trade for what the team needs. You're also buying the most expensive assets in teambuilding. Once that flares out, the team craters back down again with the fanbase hanging it hats on the glory years of 2-3 playoffs in a row with an appearance in the 2nd round.
Armstrong is intentionally stockpiling us halfway to the moon by focusing on the long-term. By establishing a strong core with promising prospects waiting in the wings, it means the team can make the playoffs on a regular basis and he can selectively add what's needed to go for the Cup.
For Meruelo, he wants Armstrong to build him a continually strong contender like how the Sharks were for well more than a decade. That's what the market needs, high probability that when the team is good, it continues to be good. That's how you build a sustained fanbase that stays locked in with the team for life.
Meruelo and Armstrong understand that to put the Coyotes on the best footing they will ever have had, competitively and economically, it means you don't take a shortcut.