The ink is barely dry on our new contract, which was touted as industry leading, and United Airlines has already surpassed our pay rates by a considerable margin: $28/hour more for 10 yr WB CA and $16/hour more for 10 yr WB FO as a sample snapshot. I realize pay is just one factor. Others such as work rules, vacation, commuting, pension, etc. are all sections which FedEx's contract very well may exceed UAL's. But our union claimed this was an "industry leading contract." Obviously, it's not. Our pay rates have already been eclipsed by United and soon Delta as well. Wet-lease aircraft are still on our property five months after peak. Vacation buyback and Advance Volunteer have been offered every month since peak began. We're severely undermanned and the profits are surging to record levels. We squandered the most incredible leverage this pilot force has ever seen or will ever see again. I realize what's done is done and we now have 8-10 years to think about what accepting the paltry first offered cost us monetarily. Sadly, I'm not sure 10 years from now when we vote on the next contract we will act any differently.