Here's an extreme example
Someone that owned 30 million points gets 150 reservations at 200000 points each, but since this owner was able to get a 50% discount on all of them he got 300 reservations
He didn't spend any more points or any more money but he got twice the reservations. These "extra" reservations didn't make Wyndham any extra money. What happened is that 150 reservations that should have gone to other owners l, didn't
Causing an owner to spend more points per reservation means that there is more availability to other owners, in my example 150 more. At least that's what co skier convinced me of.
Straight-up 50% discounts is just cancel-rebook. This is still possible, although more limited. From the updates I have attended since the May changes, the sales department is still promoting the 50% Platinum discount to get "twice as many reservations". Nothing wrong with that in the off season (which the sales department neglects to mention is where the majority of 60-day discounts will be found). The real manipulation was the book-book-cancel-cancel-rebook at a discount and upgrade.
That is how a 30M points owner, who should have been able to reserve prime time for 78 weeks in a 3 BR Presidential could book 361 weeks in a 3 BR Presidentials using the cancel-rebook-upgrade scam.
This is not an extreme example. I am sure this and much worse was standard operating procedure for serious megarenters before the May changes.
Those 361 weeks (now 78 weeks for the same input costs as 361 weeks before the changes) in a 3 BR Presidential at regular points may not offer an adequate profit for megarenters, so those reservations go to owners who bought into the program to take their families on vacation. The non-owners, who have no interest in the Club, now rent from somewhere else.