We had a set of twins born with contracted tendons this year. The heifer walked out of it in a few days, not that bad. The bull calf was a little worse, so we took him to the vet. Beforehand, we had put on splints and vet wrapped the pasterns. When we got him to the vet, the vet immediately cut them off. He told us they do more damage than good. He gave the calf an IV shot of tetracycline (they do this in horses) and told us to not wrap the feet, he needed to walk out of it on his own. He did suggest some physical therapy by stretching the tendons out several times a day. After several days, the calf was still having difficulty, so the vet perscribed more IV tetracycline. I gave it to him, and within two days he was much better. I guess he just needed a larger dose!
Hope that helps. The biggest thing for us was making sure he got up and nursed.