Absolutely nothing in that new contract will have any bearing on the degree of the windfall they will receive.
The "look what they used to make in their old contract" argument holds zero water in an arbiters mind. They can only look at their current contract.
Are you willing to gamble that an arbiter agrees with you? If so, you'll end up betting more than you can afford to lose. I recommend not wasting the small amount of presentation time in front of the arbitration board with meritless arguments.
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