This is going to be really bad for regional and LCC pilots.

There are going to be a couple thousand pilots out of work and looking for a job. The entire "pilot shortage" thing will be gone instantly. There will be no need for bonuses or pay raises, as all of the Republic pilots will be flocking to the other regionals.

If all of the seats in a new hire class are full, there is no need to raise pay at the bottom.

Why would SkyWest, Envoy, PSA, Piedmont, Endeavor, etc... do anything different if there are suddenly a thousand applicants. That will keep their classes for the next 6 months, and they will be happy.