PSA can downgrade DECs if they decide to. I am a DEC
We were not hired as Captains technically. We were hired as FOs that had the experience and seniority to hold a captain position prior to completing training. Normally the company would have to train us as FOs and then put us right back in to upgrade training. The deal with the union basically bypassed the initial FO training, which saved the company time and money. It is also why we were paid as FOs until we passed our PC, or "completed our upgrade".
So if the company does decide they need to downgrade they will do it according to the contract and in reverse seniority order. I.e. Most junior captain (most likely a DEC) will be the first downgrade. That also means the upgrades will then happen in seniority order, so all the FOs that didn't have their 1000 when we were hired as DECs will most likely upgrade before we re-upgrade. Putting us at the bottom of what is quickly becoming a 3 year + upgrade.
However since as DECs we never went through the PSA training to fly in the right seat, we are not qualified to fly in the right seat. The company will either have to put us through the full FO training program or come up with a condensed training program which will require FAA approval.
I don't think the company wants to go through the trouble and cost to attempt downgrading the DECs, when there really aren't that many of us anyway. Also considering that we all left 1 airline already for a DEC position, they can safely assume we have no problem leaving PSA for another DEC postion.
Personally I will be in a new hire class at another airline before I am in a downgrade class at PSA. I'm not saying I'm too good to be an FO again, I would gladly swing gear for any of the FOs I've flown with at PSA so far. I'm just saying I'm not going to be an FO for PSA, there's too many other airlines with better pay, better contracts, and better bases.