Current plans are for Mistweaver Ai sell this item for 3,000 Timeless Coin. The weekly cap for Valor Points will still apply here. Please note the 24 hour duration.
Personally, I very much hope that Blizzard will change its mind on having this be BoP. Nearly all my TI coins are on my main and she's not the one in any real need of Valor -- my army of alts do. While this will provide another much-needed avenue for spending TI coins, I just can't be as happy about this new item as I wish I could.
Update: They didn't. :|