It's either do the intended job, but nothing extra, which I think is just normal work, or don't even try to do the job properly, do as little as possible while staying unnoticed to avoid getting fired.
The name implies the latter, but that's not how all people use it.
Which is actually a perfectly good way to approach work, but even the hustle-is-virtue people who think workers should constantly be overperforming will have a hard time justifying it when the company has specifically said high-performance cannot yield a promotion.