Pay rate + workrules = compensation (your W2).
Our negotiators fought for a good contract...not just good payrates. Our current junior captain is 9 years and I don't think we will ever have less than 5 year captains. That is reflected in the payrates the negotiators fought for.
I did forget to mention a few very important things in your contract
Schedule Integrity:
A regular pilot is entitled to
“schedule integrity,” that is, the right to take and remain on his bid trip and not be rescheduled so long as the trip operates, he is legal to fly the trip under the provisions of the FARs and this Agreement; and his estimated time of arrival on his current flight is no later than fifteen minutes

15) prior to his next flight’s scheduled or amended scheduled departure time, or he is displaced as provided in M.2 below.
2. Pilots who have voluntarily added reserve days prior to schedule assignments retain no schedule integrity for the subsequent trip.
3. When a line pilot is displaced from his assigned flight(s) by a management pilot, an IOE/Line Check Airman, or by a line pilot who is being trained or checked by an IOE/Line Check Airman, he shall be released for the trip hour period from which he is displaced and will receive trip pay pursuant to Sections 4.D.1 and .2. Such release will not be less than one calendar day. Displacement may only occur at the pilot’s domicile. A pilot may only be required to pick up the remainder of his original trip and in accordance with the time available provisions.
Junior Assignment:
2. Any pilot who is junior assigned will be paid for such junior assignment over and above his monthly guarantee, at two hundred percent (200%) of his applicable hourly rate, the greater of the hours flown or four hours. With crew scheduling’s concurrence, he may be restored an equal number of days off. The Company may only attempt to junior assign a pilot by calling him on his contact number(s). The
Company is prohibited from involuntarily junior assigning the pilot through base operations, dispatch, flight control, phone patch to the aircraft, or on a Company layover. A pilot may not be given an involuntary junior assignment when scheduling has contacted the pilot for a purpose other than junior assigning. A pilot will not be junior assigned solely because he has contacted crew scheduling regarding routine inquiries.
Pay Protection:
Whenever the company drops a flight or trip...the pilot is 100% pay protected. If you pick up some flying on your days off and it gets cancelled...the pilot is 100% pay protected as if he flew the flights. Often the company offers to drop a trip in return for you picking up another trip. My friend made over 330 hours credit in one month because he kept getting trips dropped and picking up other trips. Scheduling was desperate! That is very unusual but it is not unusual for pilots to make 110 to 150 credit that live in base and offer to pick up trips in return for other trips being dropped. These pilots put their names on the "standing available list" and scheduling calls them when they are desperate. I'm amazed some airlines don't have 100% pay protection.