The way Wolff says it tells that the decision is already done and Bottas is gone for '20. If something miraculous happens and he beats Lewis and wins the championship, he will get the extension but even Wolff admits that beating Lewis is now harder than ever.
Performing at the same level doesn't necessarily mean beat Hamilton, I'd think. He just needs to be doing the best he can, which he clearly wasn't - even if he also suffered some of the worst breaks among the top teams. Only Ricciardo's half-baked car made sure he had it worse. Bottas could easily have won multiple races had a small number of things gone slightly differently.
But at the end of the day, Bottas has to face the reality of a rather embarrassing WDC position in a car that ran to a comfortable WCC wrap-up before the season was even over. He clearly needs to do better than he did in 2018.