To me, it seems somehow unfair (even if the current T&Cs don't preclude this) for a hotel to have a much earlier cancellation deadline for a standard room booked on points than for the same room category on the same dates (using something like a standard or best available rate) to be paid with money. The rule seems to be that if there's a no show, the award booking is charged for the first night (although this can vary with isolated resorts typically having more draconian policies) in money at the prevailing rate (something like best available rate), although Starwood gave us the option of forfeiting points instead.