The current offer is 2,500 EQM per $2,500 spend and you can earn at most 20,000 EQM. It doesn't explicitly say in the offer T&Cs that the EQM isn't eligible towards the 100K Tier but you have to keep in mind that even if the spend EQM puts you over 100K miles, unless you have flown 24 AS segments in 2021, you would not be qualified for MVPG100K.

The "first-past-the-post" approach of Elite Tier qualification (AS Miles or AS+Partner miles or segments) has been replaced with an inhibiting (let's call it AMS) Alaska Metal Segments, requirement. From 2021 onward, qualification for any Tier requires EQM or segments from AS and/or Partners 'and' AMS. Simply crossing EQM or segments doesn't qualify without the AMS. If you are short on AMS you will need to segment run (ie revenue) in favour of AS.

James