Here's a question: Is it "hinky" for DRC to take those room-nights to book for cash before other owners have access to them? Whether they are part of the 2% or so that DVD retains ownership of, or whether they are points that owners traded, are they allowed to reserve before the rest of us owners, or should they be following the same rules?
I really don't think they could reasonably follow the same rules. The DRC booking system is a completely separate system, and they would need to transfer inventory from one system to the other. They'd have to have some kind of bot that tried to snag the specific room nights that DRC wanted. It would need to have fallbacks if the rooms DRC wanted to take weren't available, etc. And we already know that DRC isn't looking at a live view of what's available to DVC owners; they routinely have rooms available when that category is booked solid by owners.
So I assume they transfer DRC's room nights at some point before opening up booking for owners. I point to this phrase, repeated multiple times in the public offering statement for Utah, which is available online:
"The managing entity shall have the right to forecast anticipated
reservation and use of the accommodations of the timeshare plan and is authorized
to reasonably reserve, deposit, or rent the accommodations for the purpose of
facilitating the use or future use of the accommodations or other benefits made
available through the timeshare plan."
This seems to me like a long-winded way of saying that DVD can pull rooms out in advance, because they forecast that they will be part of the allocation used for other purposes, as allowed by the rest of the declaration.
Clearly DVD gets to hand over some of the room-nights to DRC for cash booking. To do so, they need to pull rooms out, and it's not reasonable to assume they only get the dregs of whatever's left over after the owners pick. That would mean DRC would only get the off-season nights no one wants, which wouldn't rent well and wouldn't provide the cash DVD needs to offset the cruises and so forth that people have exchanged.
Exactly how Disney picks the room-nights to go to DRC is unknown, but it's just not likely that they're evenly spreading them across the whole calendar and all room types.