The only reason that First Officers are paid so low is because Senior Captains want it that way. There is a single pool of money that the company is willing to give to the entire pilot population. The union and its membership decide how to divvy it up.

I would think that most companies, in the absence of a union, would want a flatter pay scale where FO's make more and Captain make less.

Smaller regional airlines such as Silver and Great Lakes are going to have to do something, and fast or they will be out of business in a year. There is simply not going to be any pilots to sit in the right seat.