RA will string along Alaska as long as the competition permits it.
There are a couple of ways this could play out:
1) AMR wins the bid for JAL, but pays through the orifice for it. DAL now facing a new competitive regime in Asia, will need to secure the feed and buys ALK.
2) DAL wins the bid for JAL, but pays through the orifice for it. Now AMR, looking for payback, buys ALK (which DAL can no longer afford), and cripples the feed out of LAX and SEA, making the huge investment Asia worth much less.
The moral of this story is "never outsource your mission critical items"...