I believe they are doing a roll out of changing the benefit level batch by batch probably depends on anniversary date of the account.

When in Sept my husband's account was still seeing the 7K for $100 offer but since his last redemption was mid July, he could not redeem again until after Mid Oct. Well, we were on a long trip to Europe and 2 cruises since end of Sept till beginning of Nov. When I checked in Nov, his redemption option has changed to the current level.

So if you want HHonor points, redeem as quickly as you can for eventually your account will see the devaluation too.