Value doesn't have to be symmetric. AA can value their way, I can value my way.

I value redemption cpm based on the alternatives available to me at the time of booking/reservation. If I book into biz, I determine the redemption cpm against the price of a biz ticket (or sometimes against econ+upgrades if that option is available to me).

If you didn't have to or want to book biz, maybe the proper comparison would be against a coach booking at the time. People will have their own definitions here.

Just because AA sells a seat at $5000 doesn't mean the value to them is $5000. (Since the context seems to be accounting liabilities here, its a value should be terms of cost to the company to fulfill the obligations rather than value in terms of revenue coming in or missed.)

Giving someone a seat that wouldn't have sold anyway costs the airlines almost nothing. Trading for points in another program, well, that might actually involve some money changing hands.

Anyway, that's just a point of view. There maybe some complex revenue recognition/accounting rules that apply here. But I'll let the accountants chime in on that.