I have turned off auto renewal on a domain which is expiring soon.
Today I received an email from GoDaddy flagging the expiry which contained this absurdity: "If you do not renew your domain(s) during the 12-day Renewal Grace Period, you will incur a fee of $1,113,300.00 in addition to the domain renewal fee."
For the record I am not renewing the domain due to GoDaddy rip-off renewal pricing.
There appears to be a glitch in the domain renewal reminder email that's miscalculating the redemption fee, it should be something like $80. The fee only applies if you were to recover the domain 12 days past expiry.
If the intention is to keep the domain you would be better off renewing it and then transferring to another provider if you wish, as the domain wouldn't be available to register for about a month and a half after expiry and there's a chance someone else could snag the domain.