Actually, he can sell his contracts for a gain tomorrow - provided the value of his options go up. For example, if IDCC stock makes a run into earnings on Wednesday evening, let's say from the current level back up to $82, it's highly likely that Joel would have the opportunity to sell his contracts for a very large gain.
There are many scenarios where one can profit from options without actually holding them all the way through to expiry. The previous explanation of Joel's trade from situps00 was too simplistic and was, imho, intended to ridicule the trader.
There are many possible outcomes between now and Sept 17 where owners of the Sept $105s can come out with a gain. Of course, there are many more where they won't. It's a speculative position to open, especially with no other corresponding trades linked to it.
Any gain, however, appears to be dependent on some type of announcement before September 17 of a buyout offer in excess of $115.
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