Yeah, the game changes significantly when you go beyond the 2 player mode and into family mode. For example, family of 4 traveling in international business class can burn 560k points (assume 70k points x 8 one way awards).

Unless OP is struggling for cash, I wouldn't cash out as redeeming those points by transferring to travel partners will net better value and lifelong memorable experiences that you otherwise wouldn't do if you had to pay cash.

For starters, OP's profile description says Utah as home, so guessing that SLC is their closest airport and that's a Delta hub. Start transferring points to DL and book all domestic travel with miles from now on. Other options are Avianca for UA, and British Airways for AA and AS. This is a fairly easy way to burn points instead of using cash, and usually get 1.5x value on it.

Another option is transferring to Hilton at 2.8:1 conversion rate (wait for Amex to offer this promo rate as they do it throughout the year). 500k MR becomes 1.4mil Hilton points. That's enough for a 2 weeks at many high end resorts at 95k a night, or 3 weeks at 60k per night.