M&A absolutely ain’t gonna happen. It would be way too expensive and would be foolish both in economics and capacity. I know pilots love to talk about it, but this just is not the time or the place for such an event.
DOJ aside, look at Alaska right now if you want to see what happens when you pay way too much for an airline (I truly believe Alaska did this as a survival tactic for various reasons) and then all of the sudden the “synergies” don’t show up when you thought they would.
Now cast that in the super conservative, low cost mold that the SWA BOD has made all of their decisions over the last few decades. All of their acquisitions have been either fringe players, on the cheap, or both.
Next downturn I would expect it. Right now, no way.