....as a third option; DAL has a new TA with their pilots and is alluding to an aircraft order and UAL management now appears ready to match DAL's contract. One wonders if these two could combine as a bidder for AA ?

DAL would love MIA and DFW and the SA ops and UAL would be delighted with ORD, LAX and especially more NYC presence and they could make an even split of the International goodies.

If together they came to AA unions and offered them the same contract and no furlough protection and top dollar for the remainder of the creditors (UAL an airbus order/DAL a Boeing order), one wonders how that would be rebuffed ?

It could be a win for all parties. It would also leave U with no future merger partner and a destiny to survive as is, especially with it's pilot seniority conundrum and would be much weaker going forward. U could never catch the "big two" and would probably have to somehow reinvent itself or ultimately be broken up.