Contrast is a measure of how similar tones compare to each other.
With higher contrast filters/settings, the differences between similar tones in the print are accentuated - highlights go brighter, shadows go darker, and the apparent differences between similar tones increases.
With lower contrast filters/settings, the differences between similar tones in the print are decreased - highlights go dimmer, shadows go lighter, and the apparent differences between similar tones decreases.
The grey card is likely to be at least close to the tone that the speeds are matched to. If you change the contrast filters/settings, and they are speed matched, the grey card image will come close to matching in tone, no matter what contrast filters/settings are used, but with respect to the other tones in the subject:
a) with higher contrast filters/settings, the highlights will go brighter, the shadows will go darker, and the apparent differences between similar tones will increase; and
b) with lower contrast filters/settings, the highlights will go less bright, the shadows will go less dark, and the apparent differences between similar tones will decrease.
I like to think of it as an example where changing the contrast filters/settings causes the tones in the print to "pivot" around the targeted tone, while the target tone remains as the relatively unchanging fulcrum for them all.