Most 'regionals' are now Fee For Departure airlines with guaranteed profit margins. If that were changed to simple code shares I would imagine the legal firms these airlines employ will find ways around that liability. Hard to say. Anyway, it is interesting.

I think though that the pilots will have more leverage next time around due not to a shortage per se, but to the fact that there will be more movement in the industry.

Finally, the fact that once hiring does pick up, the regionals will be picked over badly and I think there will be a shortage at the regional level. Nobody is getting pilot licenses anymore. Of course, that can change, but enrollments at places like UND and ERAU and FlightSafety are way, way down over where they used to be.