The majors are all hiring as fast as they can, working their existing pilots as hard as they possibly can, they are unable to grow beyond their pilot manning levels. Maybe they choose not to grow, even though their existing flying is wildly profitable, but airline executives have never before shown individual restraint out of concern for industry health or profits.

There are no CBAs that limit mainline growth, even pilots seem to have forgotten that mainlines can fly small jets. Some mainline pilots will fly them cheaper than the regionals now. The majors are milking the last of the money out of the regionals, before regional costs spike in a tightening labor market.

For mainline executives, the best thing about watching their low-cost competitors shrink, will be all the seasoned airline employees on the street looking for work. That and empty gates and slots, idle equipment and airport space, and a drop in jet-fuel demand. Mainline costs will go down, even if they have to offer signing bonuses to pilots. This gift will just keep on giving.