It's completely real.
Disclaimer: I'm a SWA FO, attempting to remove all bias from at least this post.
From what I've heard, it provides for basically total seat protection for all AT Capts anywhere in the system, regardless of their seniority. I think that's it's selling point to ALPA, just my guess.
It looks to me like the most senior AT FO's are taking the biggest hit. Zero upgrades until 2020.
ATL will probably be drawn down to a lot less pilots than it currently is, although it sounds like it will still be at least as big as any other SWA domicile. Same number or more flights, just less pilot lines originating from there.
717 payrates will equal 737. Also a big incentive. If sent to arbitration, 717 payrates are up for negotiation with the company. SWA (not SWAPA) is a tough negotiator.
Hard to guage the std SWAPA pilot response. Our BOD voted unanimously to approve AND recommend passage.
The typical internet-active SWA pilot seems to be more hard core than the line guy. My opinion only: the internet participators will rant against, but the avg line dudes will vote for this deal. I'd be surprised if we don't pass it.
ALPA MEC votes this week. Yes: and it goes to the memberships for ratification. No: and it goes directly to arbitration