I wonder how much the Club Pass online booking fee is going to be because it has the possibility of making a PIC Plus 105,000 purchase worth it when you compare it to Worldmarks maintenance fees and resale value. As long as you don't need 13 month access to the WM resorts, it could be feasible with some of the low MF PICs. Massanutten has a 3 bedroom for $784. If you get 2 of them, that's $2933 for 613,000 points, or $4.78 per thousand.
784x2+89*+105x7.22 + 0.70*613 = $2933
PIC MF/Enrollment Fee/CWA MF/Program Fee
Your calculation does not include any amortized costs for the 105,000 points purchase ($20,000+?) to PIC the Massanutten contracts.
My last two eBay purchases of WorldMark, the sellers essentially paid me ($3,000 in one case) to take over their memberships, when factoring in the pre-paid and available credits at $0.09/credit (which seems to be the going rate for renting One-Time-Use WorldMark credits).
Here is the rest of the story:
613,000 Club Wyndham points is roughly equivalent to 37,000 WorldMark credits when booking through Club Pass. The mf on 37,000 WorldMark credits is $3,300 ($0.089/credit). How long to the break-even point PIC-ing 613,000 Club Wyndham points at a cost savings of $367/year?
Then there is the actual booking through Club Pass. $2,933/613,000 = $0.004785/point. Booking a 1 bedroom in one of the lower cost WorldMark resorts using Club Pass, Seaside on the Oregon coast for example: 133,000 points x $0.004785/point = $636 for a week. Using a WorldMark membership with all its booking advantages over Club Pass: 8,000 x $0.089 = $713. So, a cost savings of $77/week for the PIC through Club Wyndham.
As I calculate it through the entire process, $20,000/$77 = 259 Club Pass reservations to the break-even point. 613,000 annual points/133,000 points per reservation = 4 Club Pass reservations (rounded to the whole number) per year. 259/4 = 64 years to the break-even point PIC-ing through Club Wyndham versus buying a WorldMark membership for next to nothing or less on eBay.