I think the regionals will play the "we are recovering from COVID and can't afford anything" card for a bit. The pilot shortage was delayed a bit, but the movement will quickly start to hurt them again. I know that Envoy has had over 25 people leave the past two months. That is way higher attrition than the company has projected when they stupidly furloughed 227 pilots in October. At some point, the regionals are going to have to do more than throw a bonus at new hires and hope that it is sufficient to keep everyone happy. Pay rates have to rise, but management groups will do everything that they can in order to avoid doing so.