DVC's first priority is to make reservations at DVC resorts using points. The member inventory accounts for 96-98% of the total number of rooms. DVD holds the rest to maintain room inventory when rooms are unavailable due to maintenance or rehabilitation issues. When rooms are not needed for that purpose, they may be rented for cash thru CRO. (Not many rooms are available from this source.)
When DVC members choose to use their points for the non-DVC options (like
Disney Cruise Line, other WDW resorts, DL resorts, DLP resorts, Concierge Collection, Adventure Collection, etc.) the points used for that purpose are used to rent DVC accommodations, thru CRO, to "pay" for the non-DVC options. This is the source for the greatest number of cash rooms.
In addition, once within 60 days, any unreserved villas are also made available to CRO for cash reservations.
Since we are already well within seven months for a February reservation (especially at a busy time), I'm sure there is minimal inventory available for point reservations thru MS. The waitlist may be the only option for most resorts and room types at this time. Since members have used their points for other options, CRO still seems to have availability - also made using DVC points.