What makes you think the legacies are walking into the same environment that produced the last round of contracts?

Fuel costs have moved higher again, some airlines are already trimming growth, and there’s more focus on protecting margins than expanding at all costs. That’s happening now, not hypothetically.

At the same time, they’re carrying significantly higher fixed labor costs from the last round of deals, which were negotiated during one of the strongest demand environments the industry has ever seen.

Demand still looks solid, but the landscape is clearly shifting from expansion toward cost control.

Personally, I think expecting another quick cycle of outsized gains like we saw post-COVID is optimistic. The current environment looks materially different than the one that produced those contracts.