assuming i use the spell points variant, how do i deal with features like font of magic for sorcerer, expert divination and arcane recovery for wizard etc that specifically rely on and restore spell slots in an fair manner? like one second level spell slot and one third level spell slot is not the same as an 5th level spell slot in terms of spell points, and it feels like spending 2  sorcery points for two spell points but having to spend 2 spell points for 1 sorcery point is just a little strange

 The default answer to rules questions is "exactly the way the DMG (or other relevant sourcebook) describes the interaction."

With that out of the way, of course converting sorcery points to spell slots and back degrades resources; that's already the way it isin the default rules -- you convert a first level slot into 1 sorcery point but it still costs 2 to make a 1st level slot.

But reading the variant rules for spell points it implies that you have to first convert points to slots to use them to cast spells. From that interaction, I'd have to invent rules as a DM to deal with these situations. What I would say is that, either they don't interact (as the DMG doesn't give rules for it) or features that generate spell slots just do exactly that -- generate spell slots that aren't converted into spell points (there are no rules for converting the other direction even though the rules do say that you convert spell points into slots). I.e. if you generate a 5th level slot, that is what you get. If you decide to generate a 2nd and 3rd level slot instead, then you can't use them on a 5th level spell. If I were to use this second method of allowing these features to continue to generate spell slots, I would stipulate that their worth plus your current spell points can't be worth more than your maximum number of spell points.

Quote from ArtificeMeal >>

assuming i use the spell points variant, how do i deal with features like font of magic for sorcerer, expert divination and arcane recovery for wizard etc that specifically rely on and restore spell slots in an fair manner? like one second level spell slot and one third level spell slot is not the same as an 5th level spell slot in terms of spell points, and it feels like spending 2  sorcery points for two spell points but having to spend 2 spell points for 1 sorcery point is just a little strange

 The DMG has the conversion chart for slots to points. However many slots of whatever labels get restored, simply convert them into points using the chart. You don’t actually have to convert Spell Points into slots to use them, you just have to spend the appropriate number of points to equal the slot.

The exchange rate between sorcery points and spell slots is identical to that between spell points and spell slots, so I’m really not sure what your question actually is.

The way spell points are described makes it clear that there isn’t really any interaction that’s required, because sorcery points and spell points work the exact same way, except that sorcery points require using a bonus action to create spell slots rather than no action as with spell points.

Sorcery points then are just “extra” spell points that you can also use for the sorcerer-specific stuff. If I were playing with spell points, I’d probably rule that it no longer requires a bonus action to convert sorcery points to spell slots, but since sorcery points can be spent on other things that spell slots can’t, you’d still have to track the two separately from each other.

Quote from IamSposta >>

Quote from ArtificeMeal >>

assuming i use the spell points variant, how do i deal with features like font of magic for sorcerer, expert divination and arcane recovery for wizard etc that specifically rely on and restore spell slots in an fair manner? like one second level spell slot and one third level spell slot is not the same as an 5th level spell slot in terms of spell points, and it feels like spending 2  sorcery points for two spell points but having to spend 2 spell points for 1 sorcery point is just a little strange

 The DMG has the conversion chart for slots to points. However many slots of whatever labels get restored, simply convert them into points using the chart. You don’t actually have to convert Spell Points into slots to use them, you just have to spend the appropriate number of points to equal the slot.

That is not obviously correct. The rules at best are unclear and at worst contradictory.

In this variant, each spell has a point cost based on its level. The Spell Point Cost table summarizes the cost in spell points of slots from 1st to 9th level. Cantrips don’t require slots and therefore don’t require spell points.

vs

You expend a number of spell points to create a spell slot of a given level, and then use that slot to cast a spell.

The first sentence is in a paragraph describing the general sense of the system. The second from a paragraph detailing specifics on how it works. I would say that the first sentence doesn't preclude the second (the cost is the cost to convert the points into the slot) but the second sentence would preclude the first if you interpreted the first to mean that you don't actually have to convert points into slots.

For convenience sake:

Variant: Spell Points

One way to modify how a class feels is to change how it uses its spells. With this variant system, a character who has the Spellcasting feature uses spell points instead of spell slots to fuel spells. Spell points give a caster more flexibility, at the cost of greater complexity.

In this variant, each spell has a point cost based on its level. The Spell Point Cost table summarizes the cost in spell points of slots from 1st to 9th level. Cantrips don’t require slots and therefore don’t require spell points.

Instead of gaining a number of spell slots to cast your spells from the Spellcasting feature, you gain a pool of spell points instead. You expend a number of spell points to create a spell slot of a given level, and then use that slot to cast a spell. You can’t reduce your spell point total to less than 0, and you regain all spent spell points when you finish a long rest.

Spells of 6th level and higher are particularly taxing to cast. You can use spell points to create one slot of each level of 6th or higher. You can’t create another slot of the same level until you finish a long rest.

The number of spell points you have to spend is based on your level as a spellcaster, as shown in the Spell Points by Level table. Your level also determines the maximum-level spell slot you can create. Even though you might have enough points to create a slot above this maximum, you can’t do so.

The Spell Points by Level table applies to bards, clerics, druids, sorcerers, and wizards. For a paladin or ranger, halve the character’s level in that class and then consult the table. For a fighter (Eldritch Knight) or rogue (Arcane Trickster), divide the character’s level in that class by three.

This system can be applied to monsters that cast spells using spell slots, but it isn’t recommended that you do so. Tracking spell point expenditures for a monster can be a hassle.

Spell Point Cost

Spell Level	Point Cost
1st	2
2nd	3
3rd	5
4th	6
5th	7
6th	9
7th	10
8th	11
9th	13

 And:

Arcane Recovery

You have learned to regain some of your magical energy by studying your spellbook. Once per day when you finish a short rest, you can choose expended spell slots to recover. The spell slots can have a combined level that is equal to or less than half your wizard level (rounded up), and none of the slots can be 6th level or higher.

For example, if you’re a 4th-level wizard, you can recover up to two levels worth of spell slots. You can recover either a 2nd-level spell slot or two 1st-level spell slots.

So, going by this, a 20th level Wizard could choose either 10 1st-level spell slots or 2 5th-level spell slots.

Using the Spell Points conversions, 10 1st-level slots = 20 Spell Points, and 2 5th-level slots = 14 points.

• If you want to be conservative as a DM, make them take the 14 points.
• If you wish to be generous give them the 20.
• If you want to be more to the middle grant them 5 1st-Level and 1 5th-level and so they would get 17 spell points. Right smack dab in the middle.

 I still think I'd only let them create slots with class features, not spell points.