Thinking about earn rates at current valuations with top status and credit cards:

Hyatt (at 2 CPP): 5 base points + 1.5 Globalist bonus points + 4 Hyatt CC points = 10.5 points per dollar * 2 CPP = 21 cents per dollar

Marriott (at 0.8 CPP): 10 base points + 7.5 Titanium or Ambassador bonus points + 6 CC points = 23.5 points per dollar * 0.8 CPP = 18.8 cents per dollar

Hilton (at 0.5 CPP): 10 base points + 12 Diamond Reserve bonus points + 14 Aspire CC points = 36 points per dollar * 0.5 CPP = 18 cents per dollar

If Hyatt redemptions drop on average to 1.5 CPP:

10.5 points per dollar * 1.5 CPP = 15.75 cents per dollar

Assuming that CC earn rates are going to have the option to go up, a premium Hyatt card would need to earn (x+6.5)1.5=21 where x equals 7.5 points per dollar on Hyatt spend to maintain current earning rates. To match Marriott and Hilton, it would need to be 5.5 points per dollar on Hyatt CC spend.

If Hyatt points drop to a valuation of 1 CPP:

10.5 points per dollar * 1 CPP = 10.5 cents per dollar

The premium card would need to earn 14.5 points per dollar to maintain rates or 11.5 points per dollar to match Marriott and Hilton.