From my understanding, the company can displace on a non-365 conversion AE, but if they want to use a 365 conversion window, it must contain displacements.

IMHO, a Jan 365 AE with displacements wouldn’t make sense....they would essentially lose the the ability to displace maddog folks between Feb and end of summer surge, which is when they have said they need them for. I would guess a mid/end summer 365 AE which would allow them the full 365 to displace folks.