Setting aside the FNCs from credit cards (which may be connected to the fixed card fee), the one given as a Titanium choice certainly has been devalued given the increases in costs for the stays needed to earn it. You won't get a "free night" at lots places for 40k, and increasing the co-pay just encourages a further erosion of its value.

If they aren't going to increase its points value, they'd be better to remove the words "free night", which are increasingly misleading, or just put the points in your account instead so members have a bit more flexibility on how to eek out some value.