I contacted Panini directly a while back to clear out my backlog of redemptions, going back to 2009 and never going to be made. At that time the rule as I was told was:
If the redemption was not expired when you submitted it in, they would get you another card in exchange, either same player, or asking you for a list of players and.or teams.
If the redemption was an older redemption, which they were still accepting, but was expired when you redeemed it, you only got points for their store.
That was a while back, it may have changed since, but it was the procedure went through with them.