Of course the company would never offer a job to folks for the summer flying to then furlough, but as of right now I don't see the furloughs.
We have FIRM orders for 6 more 777-LRs arriving by March 2009. Additionally, 5 (I think) 737-700s arrive this Fall. Although 15 - 20 planes will be parked by the Summer (probably MD-88s), the staffing on 6 777-LRs at 19 crews per jet and 7 per 737-700 is more than the decrease of the 7 crews per jet on the MDs going away.
If the company felt they wouldn't need the pilots, they could have cancelled classes immediately. The pilots hired in May wouldn't be productive until July; by then the Summer flying is staffed.
Now, should there be an announcement to park more than 15-20 all bets are off.