I think you're right about Spirit being a more realistic bite, but then I think about the next move. If we were to get Spirit, then AA and DL would look to pick up a mid major too. If WE can't get B6 because we are in EWR and they are in JFK, how can AA or DL justify taking B6? They both already have big JFK and BOS bases, and AA also has MIA. B6 is by far the biggest mid-major. DL has a thousand more pilots than us. AA has two thousand. B6 might be a better fit in terms of competition, with WN, but then the all-737 fleet plan goes toes up for most of the decade.

If there is further consolidation, unless B6 is a buyer (Frontier, Allegiant, Alaska!?!), UA merging with B6 is the most apt combination in terms of network synergies and the least likely to draw the attention of anti-trust regulators in the DOT.

Assuming that the Trump Administration has even nominated someone for that job.