Annihilating ideals and Agler--McCarthy spectral varieties in the bidisc

The closed unit bidisc $\overline{\mathbb{D}}^2$ is known to be a spectral set for any pair $(T_1,T_2)$ of commuting contractions. When each $T_i$ is pure and has finite defect, the pair admits a much smaller spectral set: the closure of a distinguished variety $V$ inside the bidisc $\mathbb{D}^2$. We find conditions on $(T_1,T_2)$ that guarantee that the closure of $V$ is a minimal spectral set. In addition, we examine the relationship between $V$ and the annihilating ideal $\text{Ann}(T_1,T_2)$ in $H^\infty(\mathbb{D}^2)$. While $V$ is typically strictly larger than the zero set of $\text{Ann}(T_1,T_2)$, we isolate a natural constrained isometric co-extension $(S_1,S_2)$ of $(T_1,T_2)$ whose Taylor spectrum is contained in $V$ and is closely linked to the so-called support of $\text{Ann}(T_1,T_2)$. We also characterize when $\text{Ann}(T_1,T_2)$ is the ideal of functions vanishing on the joint point spectrum of $(S_1^*,S_2^*)$.