I never use their cruise program. I guess it depends. The point value in the directory is for 2 people stay in one room, plus 2 night in a FF resort 1 BR units. If use rent cost, say $5 per 1000 points, that will be equivalent to $2000. You can look at the sticky in this forum about the
cruise site to see if you like the deal. I probably will not do it if I have to rent the points.
On the other hand, if you are trying to consume your unused points, compare to other options (if you don't want invlove in renting)
1. deposit to RCI or II (you will have to come out transaction fee)
2. exchange to airfare (No idea how it translate since not PP member, but I did not hear it favorable compare to deposit to RCI & II)
3. exchange for MF ($2.1 per 1000 points).
I believe this is much close to your MF.
I did not check, but I once read a group member value the cruise at $3.1 to $3.5 per 1000 points. But I think it probably will be higher. Especially if you have small kids that will have to pay if you try to buy from the cruiseline but can stay with you in the same room for partial point value.
Good Luck
Jya-Ning