Okay, I just emailed Lab_Rat for clarification.

Assuming 100 "original" contracts:

Option 1:
They get converted to 300 "original" contracts with 100 MH/s each and not a hash more.

Option 2:
They get converted to 300 "new" contracts with 100 MH/s each with potential variable growth on top of the guaranteed hash rate.

This is keeping in mind that before the change, contracts were getting roughly 300 MH/s apiece on average based on the proportional rate (75%/25% split). So this is effectively a clarification change and nothing more, with option 2 being the better option. I agree that there should be a lot more than that amount of hash rate by now, but there have been a lot of unfortunate manufacturer delays. The outlook right now is a little bleak but I am hopeful that one day my investment will still pay off.