If that's the case, then it's a really bad offer!
If I go to make a new booking, under the same rate code I booked, the room I'm booked into (which is being showed correctly for CLL, it's only BSH that is erroneously not showing the existing upgrade) costs $592.67 (average per night), or $889.00 for each of the first 2 nights with the 3rd free.
The Belvedere Lakeview Suite is being quoted at an average of $1,059.33 per night stayed, or $1,589.00 for each of the paid nights.
The standby offer presented says upgrade for an extra $319 per night, which is supposedly a savings of $332 per night. That would imply the regular price for such an upgrade is an additional $651 per night. Yet, just by booking it outright at the current promotion, it can be had for an additional $466.66 per night stayed (or $700 per night paid).
The math works out closer (but still not exact) to the difference on a paid night, not average across all nights stayed. I just don't understand how nobody at Fairmont seems to be able to answer the question. I think I'll stay away from these offers.