Precisely. Those companies which have not made their raises permanent will likely roll them back when able. Companies with rates as a permanent fixture in their contract will see pay stagnate when negotiations come back around as the companies refuse to renegotiate higher rates. Negotiations will drag on without a new contract or higher pay as companies dig in.

Complicate matters with the abundance of what-will-be-by-then 2,500+ hr non-ATP pilots looking for any gig that will give them an ATP and part 121 experience as they come racing to the bottom. The hunger games will be fierce.

Let's hope it does not come to that.