I think I missed something again. Does the proposed re-regulation say anything about pilot pay?
First off, there is no "proposed" re-regulation. It's just talk.
Second, just because pay was not regulated prior to deregulation doesn't mean that it won't be if such regulation was re-imposed
now.
When you open the door to the Federal Government to come in and tell an industry "how it's going to be", they can pretty much do whatever they want. Remember that the lawmakers who would decide what re-regulation would look and smell like have grown up largely in a post deregulation world, with the access and cost that grew from that.
IF regulation were proposed, it would likely be mostly for the purpose of
benefiting the CONSUMER, rather than any other member of the equation (like, for instance, the income of the pilots, FAs, mechanics, etc). Just look to the goals of the financial industry "reform" being proposed as an indicator of that. Look at the fact that many lawmakers want to limit how much money oil companies can make -- as if cheap gas were a right, and making money by selling a product was some kind of crime.
No lawmaker would get behind a bill that would double or triple the cost of airline tickets for their constituents. They will make decisions primarily based on how it will impact the people who will vote for them on election day, and that would mean handcuffing the companies to make sure they provide a service that the passengers like.
Again, I can't fathom why pilots think this would benefit them. It's not going to be a magic return to the glory days of 1970s pilot pay with everything else remaining the same. I imagine that re-regulation would probably benefit pilot work rules, and potentially eliminate some of the idiotic management-vs-labor reindeer games by specifically regulating what companies could make labor do. On the other hand, I also envision that it will limit how much profit can be made with those regulated routes, regulated schedules, and regulated ticket prices.