Speaking from personal experience...
1. Minimum day
2. Trip rig and duty rig
3. Vacancies
4. Ability to trade/drop trips
5. Massive improvements to scheduling for reserves and line holders
6. Pay
7. Length of agreement
Are the concerns people have. We've been at this for 2200 days. Cancellation pay is a popular point but it doesn't overshadow the fundamentals above. The company did not offer a minimum day, a duty rig or a meaningful trip rig (unless we start doing MORE 16 hour 4 days). The company wanted to create a new type of displacement (again without respect to seniority). The company wanted pilots to be contactable at all times, and force pilots to call on their day-off to self-notify of reserve trips because they don't want to do staggered reserve periods or shift from their current 3-3 or 4-4 profile. The LBFO had numerous mistakes in it. For instance in the RSV section, a RSV pilot who worked on their day off would be compensated IAW an non-existent paragraph (in any of the proposals or the current contract). Importantly, the language used throughout both proposals was too similar to current language and would have brought serious grievance issues. If this CBA had been offered in 2007 it might have received a 51% vote. As things stand now, there is absolutely no way we would pass this garbage.
Finally, the company wanted this to be another 10 year agreement.