Yes, it would pretty much be Pujols voiding his contract.
Here is where it could get interesting though. The Angels and Pujols could agree that he's going to retire. The Angels could then say, that since he's retired, his salary doesn't count against the luxury tax. But then the Angels could then say, well, we have a 10 year Personal Service Contract with you, so whatever you lost by retiring, we will still pay you.
I have a feeling that's why MLB banned PSC in contracts after the deal Pujols got. Because it's a way to get around the luxury tax.