I have a business associate that has 5+ million award miles and has been trying to use them up before they, "go to zero" (his words, not mine). Lately, he has been waitlisting UGs for all of his employees on international travel with good success. He books his people on the cheapest non-BE fare, usually S, which requires an UG fee of $600- plus 30K miles. He reserves his PlusPoints only for his family but asked my opinion of what Plus Points are actually worth. I told him that the upgrades from S cost 80 Plus Points so they would be worth $600- + (30K miles x 2 cpm = $600-), for a total of $1,200-. $1,200- divided by 80 = $15- per point, or $600- per 40 points. I know the 2 cpm valuation is overly generous, but is this a reasonable maximum valuation for Plus Points, since they are only worth what the equivalent cost in miles and cash would be?