So if nobody panicked about the COLA's that were consistently offered over at least the past year or two, why would they be panicking over empty lines???

Empty lines look like they're better for pilots since there's still the flexibility to pick up whatever trips they want (but without MPG protection). And since the the pilots can still fly and maintain currencies, aren't they better for the company vs COLA's that could result in requal training or a landing sim? Usually I can understand a small bit of the chicken little POV, but this time I'm completely lost.