I have a two night stay in Dallas coming up in January. Through Southwest the Westin Galleria Dallas goes for $272 per night (including taxes) and generates 7,000 WN points.
I can book through spg.com for $224 /night (both spg and southwest are non-refundable rates). So I am "buying" 7,000 pts for $48, per night (146 pts/$).
According to
this thread the points are CP eligible.