The plan is actually a sound one.
If you don't ask for a refund, you'll get credit toward future games plus 10% interest. Basically, for every 10 lost games you'll get credit toward 11 in the next season.
If you want your money back, just say so by September 1 and you'll get refunded on a monthly basis (for each previous month's lost games) with a 1% interest rate. Since sports tickets are not an appreciable asset, any interest rate is a bonus. Ever hear of giving back more than the purchase price on cancelled concerts? Me neither.