Alaska's management definitely placed a valuation on their equity in this petty tribal bickering before they "overpaid" for Virgin. They also understand that merely substandard T&Cs are likely to be viewed differently by the significant portion of their current pilot group who have previously shown a willingness to accept absurdly bad conditions just to get a foot in the door. It's hard to imagine anything even close to parity with industry standards emerging from the next contract cycle.