Airlines are carrying billions of FF miles as a liability on the books and people are unable to use most of these because of very limited availability, and yet thousands of seats go empty. So, Why Not create some kind of free or hugely discounted standby fare. Let's say you are a vacation traveler with lots of leeway, you go to the counter, cash in 20,000 miles and get a one-way standby ticket right there. You take the risk that there will be a seat on the way back. Or maybe cash in 50,000 and get a standby there, but guaranteed seat back.
Why Not also create a couple rows of roomy seating that goes for the regular ticket price plus a certain amount of miles. Why not put some seats up for FF mile auction?
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