If you are getting 308K points permanently from Wyndham at $0.07 per point, that is a relatively low price from Wyndham, which often charges $0.10 or $0.11 per point, but you could purchase the 308K points resale for about $0.01-$0.02 per point.
VIP status requires 300K points minimum. The points must either have been purchased from Wyndham, inherited, purchased from a family member, or obtained via the PIC system (buying a non-Fairfield non-RCI points RCI week and enrolling it in the PIC system at the same time that you buy points from Wyndham).
With PIC, a 3BR red week would be worth 254K points. You may PIC at most two weeks, and only at the same time you are buying points from Wyndham. The PIC rules can change, and your PIC points can go away if the resort joins RCI points. Be cautious. If you don't rescind this purchase, then buy a week on eBay, they may expect you to buy even more points before they will PIC the week you bought. Past purchases from Wyndham do not qualify you to PIC a week.
The VIP benefits can and do change and have been devalued in recent years (see example regarding ability to upgrade to a larger unit if available 30 days before checkin).
The regular VIP benefits worth noting are
25% points discount for reservations made 60 days or less before checkin (when most units in prime season are no longer available).
A upgrade to the next largest available TYPE (not size) at 30 days or less before checkin. You have to call to see if something's available. One used to be able to upgrade from the smallest available unit to the largest available unit. Then it was changed to an upgrade to the next largest available size. Now you may just upgrade from, say, a small 1BR to a larger 1BR.
Unlimited housekeeping credits (useful if you book a lot of short stays, but housekeeping credits aren't extremely expensive anyway). With 308K points you'd get 308 free housekeeping credits each year, which is enough for 4 stays of 7 or fewer days in a 2BR. You can buy additional housekeeping credits at $2.25 credit as I recall.
Early check in (2 P.M. instead of 4 p.m.) IF your unit is ready. No guarantee it will be ready.
Ability to make reservations at associate (not regular Wyndham or Wyndham affiliate) resorts at 13 months before checkin twice a year, subject to availability. Worldmark resorts are examples of associate resorts.
Are these benefits worth nearly $19,000?
It is worth noting that the benefits for VIP Gold (500K) and Platinum (1M) are somewhat better than the regular VIP benefits, and resale points do not count towards these levels either.