Sure. It's only a bad deal for FO's. Now, lets agree that whatever happens, when they come out of the arbitrators office, we go to work, make money, have fun, not rip the place apart, but anyway, here is why:
The principle is one rooted in biology and living entities, you can only grow so large in your environment and as an entity reaches maturity, growth slows, so in our case, your upgrade progression slows exponentially. Reference why isn't AA or United so much bigger as time goes on? External environmental restrictions, they are as big as they can be in their environment.
As SWA or any airline grows internally/organically, everyone inside the sphere grows at a known rate. You upgrade at a known rate. Upgrade at SWA pure and simple means dollars, like anywhere else.
When growth occurs inorganically, such as a merger, even if you are placed into a position of relative equality to where you were before, your growth potential is slowed exponentially.
Example, your company merges and it doubles in size and now is 50% of the domestic market. Those other airlines are not going to sit and ponder their navel, they will react, lowering their costs, forcing you to tighten your belt further, leveling the field, seeking equalibrium, and slowing your future growth. Your company just got 100% bigger, who inside that company doubled thier seniority? No one.
So, say you were at 30% pre merger with 1000 pilots above you to upgrade, then after merger you are at 30% but have 2000 pilots to move to upgrade. Well, your company just grew 100%, but "your" growth inside that entity just doubled or more. Will the company continue to grow at 10% pre mereger? Not unles it kills the competition, which they won't allow as they are reacting to you for resources: passengers.
Instead of needing to through 1000 pilots at a 5% growth rate, you now need to go through 2000 pilots at 1-3% growth rate. upgrade time slides exponentially right.
This is why a relative deal is unfavorable for 100% of SWA FO's.
Who's achieved a higher percentage of "organic growth" these last 10 years, SWA, or AAI?
My guess is AAI.