From the Boeing projections, the US pilot hiring to the majors is projected to be 4,000 pilots per year from the regionals, in the next couple of years as retirements ramp up.

That is after subtracting out military and other civilian pilot hires.

There are 20,000 RJ pilots.

20,000 divided by 4,000 = 5 years on average. At that point, how valuable is a guaranteed 8+ year flow? Something has got to give.