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Not "less than 21k." There is no upper bound on the value. You always save money, provided you process upwards of $10k/mo.

A merchant processing 50k/month on square paying 2.75% would save money by switching to the new plan. At least, if I'm reading this correctly.

Except that merchant can't switch to the plan if they process that much, since it is limited to merchants under $250,000/year.

No, it isn't limited that way. It's 0% under 250k, and reverts to the regular 2.75% if you process above those limits.