In short, the deal is to buy Wyndham points w/ their 25% discount in February, and then use their generous conversion factors to transfer them to a variety of airlines.
(I had bought points during the AMEX promo, as well as during their 16k free night promo, and transferred most of them to AA and SW. The transfers to both took around 2-3 days.)
Here are the partners (note that SW credits less, but they count towards companion pass)
North American Airline Partners:
Aeromexico Club Premier Miles (8,000 points = 3,200 miles)
Air Canada Aeroplan Miles (8,000 points = 3,200 miles)
American Airlines AAdvantage Miles (8,000 points = 3,200 miles)
Amtrak Guest Rewards Points (8,000 points = 3,200 AGR points)
Delta Airlines SkyMiles (8,000 points = 3,200 miles)
Frontier Airlines EarlyReturnsŪ Miles (8,000 points = 3,200 miles)
Southwest Rapid Rewards Points (8,000 points = 2,400 RR points)
US Airways Dividend Miles (8,000 points = 3,200 miles)
United MileagePlus Miles (8,000 points = 3,200 miles)
Europe, Middle East and Africa Airline Partners:
Air Berlin Top Bonus Miles (8,000 points = 3,200 miles)
Czech Airlines OK Plus Miles (8,000 points = 3,200 miles)
PAYBACK Points (8,000 points = 3,200 points for 1:1 exchange into Miles & More miles)
Saudia Airlines Alfursan Miles (8,000 points = 2,000 miles)
Asia Pacific Airline Partners:
China Southern Sky Pearl Club Kilometers (1,250 points = 500 km)
Air China PhoenixMiles (8,000 points = 5,150 kilometers)
China Eastern Eastern Kilometers (8,000 points = 5,150 kilometers)
Fortune Wings Club Kilometers (8,000 points = 5,150 kilometers)
Here's the link.
https://www.wyndhamrewards.com/trec/consumer/promotions.action?variant=uk