But to elaborate on the point Austinrunner brings up: you can NOT extend the hold on an award reservation. But IF there are additional seats in current inventory then an AA rep can update the reservation (to Austinrunner, perhaps you know the correct terminology?) which in effect means that AA is re-booking your flights pulling seats from the current inventory but with your existing locator. And this new reservation will again have a 5 day hold..
I was trying to make sure I had not missed an important policy change. I think better terminology would be something like "re-book your itinerary, subject to availability of award inventory."