You are correct.
T/S Owners can purchase a 5-night award -
Here is the breakdown.

50K 70K 100K 120K
1- 5 165,000 185,000 215,000 235,000
6 180,000 200,000 230,000 250,000
7 200,000 220,000 250,000 270,000
8 230,000 250,000 280,000 300,000


Details on the Vacation Club owners web site.

Also, You have to call to redeem them.