Originally Posted by platbrownguy

You must redeem the points for the BXP3 and apply it by December 15.

If it does not clear immediately, you can waitlist it. If it does not clear by January 31, you can cancel it, redeposit it, and convert to miles (the only then-remaining redemption option). If you let it go past January 31, then if it clears it clears, but if it doesn't clear it will be lost.