Correct. It is an unpublished rate. It is not a "free upgrade to club level." I have had the club-level rate with the certificate be CHEAPER than the regular rate, too.
That is very odd, because I currently have 3 ritz reservations with the club level upgrade and they all match the public rate. one of them was 395 and the price dropped to 355 a month or so after my reservation and I called and had it adjusted to the new rate which now reflects on my reservation.
Additionally, when I asked about which rooms could be booked with the upgrade and at what rates the agent elaborated on the usual scenario on price changes being the result of a certain room type being available on the normal level, but not at the club level and vice versa, and even quoted some room types that would result in this difference at the time, but the rate was always rack rate for that room type.