The value of 100,000 points is determined by the value of the room TO YOU when you have a use for them.

I have my eye right now on a CAT 5 hotel, 21,000 points/night as a pointstretcher award, and a value to me of about $140/night. In this instance the value of 100,000 points is worth $700 to me. The hotel runs about $200 night for the lowest cost room if I were to pay, but I wouldn't stay there 5 nights at that rate even though the upgraded room would be about a $300-350/night room rate.
If I wanted to get another room in the city, I could get one for $100 on Priceline, but probably not as nice a room because I would not get an upgrade to a suite.

I need some category 2 hotel nights next month, but the hotel is not offering point stretchers at the time. 100,000 points would give me 5 nights at 20,000 points/night. I have to make a choice of spending $450 cash or using points. I can save the money next month, but then the points are only worth $450/100,000.

In reality I can use 105,000 points on an award and save $1,500 over the cost of booking a paid stay at a luxury hotel or I can spend 100,000 points and save $450 compared to a paid stay at a comfortable Hilton Garden Inn.

The points don't have value until it comes down to a specific redemption opportunity and what your options are at that moment. Sometimes I have to spend points at less than optimum value because cash is short, but in general I hold out and redeem points for luxury hotels where I am confident I will get a nice suite upgrade. I'd rather spend 21,000 points on a Category 5 pointstretcher for a suite in an expensive city than 20,000 points on a standard category 2 award for a standard room in a Hilton Garden Inn.