You forgot increasing non-hunting users
But, correct, and points and applicants (demand) continue to grow.
Yep - I did misuse 'fungible' - like a typical consultant. I'll have to flip back to reviewing Powerpoint decks as penance
But your post illustrates that a CO point's value is variable, subjective
and dependent on the actions of other people (and their points), which is why it's challenging to apply a broad brush.
In the Unit 201 Elk example, points 1-5 had value (they got applicant into the Hybrid draw so there was a non-zero chance of a positive outcome), points 6-24 have virtually no value (unless the behavior of others radically changes, or supply increases)
Mostly - I don't think 'value' shouldn't be used in any analysis of a potential change or "fix" for a pure preference system. Most people will equate value to cost, and that's nearly impossible to do here and mostly emotional anyway.
And I would be shocked if anyone at CPW is thinking about this at as deep a level as your post...they're just looking for a button to stop the whining and complaining.