I've stopped using the term "shortage", because it means too many things to too many people.
Also, most people would rather argue endlessly about what the term "shortage" means rather than discuss useful idea about how pilots can capitalize on the upcoming shift in the pilot labor market.
All that aside, I still think we have a couple more years to go before the slack comes out of the pilot supply and management starts to feel the pain.
If what I hear is correct, there are still pilots from Comair to be absorbed and there are pilots at crappy regionals who are probably willing to start over again at better regionals.
The pain will show up at the smaller carriers first, especially if they have poor quality of life.
I would be surprised if one or two of the lowest-level regionals doesn't end up failing.
Not so much because there are "no applicants" as much as they will probably drown from high turnover and training costs.
The FAA will be looking over any carrier's shoulder when turnover gets high, creating additional time and regulatory compliance roadblocks for those operators. I predict at least one regional will fail due to pilot staffing issues (note that I didn't say "shortage"!!!).
The ATP/1500 hr rule will only exacerbate this. Dirtbag carriers will no longer be able to hire premature-birth academy wunderkids at 250 hours (who have paid Guinness-book record ticket prices to fly on a 1900).