What to do with 200k+ amex points?

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The fact that it’s posted as a question I would suggest two options:
1. apply for Charles Schwab plat and cash out at 1.1c for about $3K (including CS sign up, minus fee).
2. Transfer to travel partners if any make sense to you to empty the balance (Avios,Virgin,JetBlue,Marriott)

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Transfer to partners.

There's some sweet spots in AF/KLM's Flying Blue and Virgin Atlantic's Flying Club if you like Delta. It's a better deal than SkyMiles, in most cases.

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Travel

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Around-the-world business class flight and use remainder to subsidize hotel stays.

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Transfer to travel partners. You can get multipliers on hotels and for flights you can use the points to book award space that will maximize point value

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Recently had a promo where you could fly from NYC to Madrid roundtrip for around 30,000 MR points + $190 tax in premium economy. Cash price for same flight was around $1300.

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I have 1.2M points and am planning on using them to take my family on a cruise

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Spend it

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Gift cards

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As crappy as this is vs some airline options, it’s probably the better option given it’s 1:1 for some retailers.

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I can help if you have a hard time spending them. 😊

Paris?

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