Alaska being bought one of the major airlines is a pipe dream fueled by the toxicity of the current situation at this place. There is very little chance that an acquisition by an airline such as United would ever meet regulatory approval.
I think Alaska management is banking on the likelihood of a recession in the near future to essentially bail them out of the mess they have created. In that case the competition’s growth likely slows allowing Alaska to safely stagnate and hunker down in Seattle while getting rid of the Airbus and eventually getting those pilots over to the Boeing.