So does that mean you get paid for 80 hours @ your payrate, whether or not you fly as many as 80 or 40?


Yes. I don't know of any company that has an 80 hour guarantee, but regionals are 70-75.


And realistically, how many hours of flight will a regional or major pilot actually gain in a bid period or month?

Depends. Are you on reserve? Could be as little as 0, to a max of 100. Typically lines are built around 75-95 hours.