THERE IS and THERE NEVER WILL BE a shortage of good pilot jobs at Legacy carriers, Southwest, Fedex or UPS..... just a shortage of bottom feeder $20-30K/yr 20+days a month jobs.. and to that I say, good!
Correction: There will never be a shortage of pilots wanting good jobs at legacy carriers. The way you stated it was probably backwards from what you meant.
This is what the coming pilots "shortage" will probably look like:
Top-tier major airlines (and SWA): Ever year, competitive minimums will be slightly reduced. Internal recommendation = almost a guaranteed INTERVIEW. Expedited interview process. Some previously held "musts" like 1000hr 121 PIC, or a 4 year degree waived under certain circumstances or eliminated altogether.
Next-level majors/nationals: All of the above plus dropping of certain "fetish" requirements like 121 PIC time and min jet time. 4 yr degree? What-evah...
Top-tier regionals (if there is such a thing): Hiring the best they can find from those able to meet the regulatory mins.
The rest of the regionals: Hiring just about anyone who meets the regulatory minimums.
Scumbag regionals: Shrinkage due to limited number of pilot candidates, or degraded safety and efficiency due to hiring the kind of people who at one time would have spent a lot of time in Florida, if you get my drift...
Top-tier 135 operators: Hiring the best of the sub-1500 hour crowd. Pay absolute crap to FOs. Have to pay more to good captains due to hiring at majors. Captains with multiple DUIs / aircraft accidents / sex offender status paid same as before. Eventually become Chief Pilot due to being the only one with 3yrs PIC. Guys who are afraid of the EKG and hold only 2nd class will pile up here.
The rest of the 135 operators: FOs will be dirt cheap, possibly paying for their training or even for right seat time. Captains hard to find, except those between 1200 and 1500 hours. Training contracts for everyone!
Scumbag 135 operators: The same pilots that fly for them now, but with ever-so-slightly higher pay.