We will never be treated like kings again.

Long-term, a severe pilot shortage will be resolved by airlines running their own ab-initio training programs for high-school drop-outs.

The best we might see is a period of rising pay as the shortage picks up steam. Managers will prefer to implement signing bonuses for new-hires as opposed to across-board pay raises. Make sure that you contract forbids unilateral bonuses paid to select demographics within the pilot group (new-hires, FO's, etc). If one pilot gets a bonus for coming to work, they should all get a bonus.