I actually don't really know if there's a correct way to interpret the "bending of space-time."
The way I choose to look at it is like so:
Let's say that, whenever Final Fantasy XIV has received it's final expansion, someone goes back and tallies up every single time someone in the main scenario says, "X bells ago," or "Y moons have passed," or "it's been Z weeks." Perhaps they find that, based on the NPC's confirmation, the game must be held accountable for at the very least three years worth of time passing. Too bad. It's still 5(7U) aka 1(7A). BECAUSE PAC-MAN SPACETIME, or whatever.
Another example:
Watch every episode of South Park and tally up how many days you can account for since they entered the 4th grade. Have years passed? Yes? ... No, they haven't. This is what Fernehalwes meant when he referenced the Simpsons. You can hold them accountable for years worth of time passing, but, canonically speaking, time didn't move. Those trying to make any more sense of it than that might as well be watching the [ET] clock wondering why the game hasn't been held accountable for hundreds of years passing, for all the good it'll do. It passes, but it doesn't move. The game might "span" for years, but it's always gonna be using the same calendar. It's like cumulative Groundhog Day.
If people want to do the best they can to create a fanon timeline for their character's journey through the story, I'm sure it can be done; I'm sure a perfectly reasonable distribution of time can be found for the entire game once all has been said and done (and I bet it'd be fun), but it won't be canon. That's the main point I want to try to drive home here. Fernehalwes has said that the highest degree of legitimacy goes to the interpretation, "It's a Simpsons bubble." I don't want to discourage anyone who wants to make their own timeline from doing so, but it'd be really helpful if they didn't try to bring anyone under its yoke or get the dev. team to admit that it should be Year 2 of the Seventh Astral Era by now. Someday they may canonically move time, but, just in case, I wouldn't hold my breath over it.