"If I put on my shareholder's hat: I'd think that Delta+1 was a reasonable offer given the economic conditions today"

Not even close! The Delta+1 is a PAY CUT!!!!!

How might you ask?

If you read all the details in the offer CAL management offered reductions in:
Vacation
Sick list pay
757 pay
Training pay
Reserve coverages
Dead head seats
Out sourcing MORE FLYING
and more.

For UAL pilots the entire package was a net negative dollar and life style wise.
This = PAY CUT!