cappy2112:
What do you do if the address of your I2C peripheral is > 127?
If King Arthur were alive today, would he have diamonds in his crown?
The important thing here is, King Arthur isn't alive.
The reference design, as mentioned above, is a bus with a clock (SCL) and data (SDA) lines with 7-bit addressing.
Since the design supports a 7 bit address, the question of how to handle an address > 127 doesn't arise.