Read the fine print... If you aren't willing to go to New York as a captain you probably aren't getting the pay protection... The company wants/needs everyone to go to JFK/LGA.... clearly especially on the FO side (shocking at no more than 30K a year I know) is interested at this point. Almost nobody will be protected because either they "voluntarily pass up" the chance to be a captain in NY or they are now a captain in NY.
A toothless offer that should be met with bare asses and resignations.