A Captain asked "If I accept this Early Out, and then there is a displacement that puts me back to FO, would I get this severance at the Captain's pay, or the newly displaced FO pay?" They weren't really prepared to answer that question, but they did say that they wouldn't have a problem having that be whatever pay the employee is at when they accept the offer, contingent on ALPA's approval.

This alone tells me that they are prepared to downgrade more Captains

It was also asked if ALPA was planning on taking a cut out of the pay out, and the room got SILENT. They also said that they were not prepared for that question to even come up and that they would be in discussion with ALPA soon.

The buyout is PRE-tax, so you can take about 25% out for the IRS and then State and local taxes out. I'd say 30%. Then if ALPA plans on taking some too, this almost makes this not so attractive.