Honestly I could see an Alaska/Delta thing if this gets crazy. JetBlue, as you know, overlaps with Delta a ton. JFK and Boston alone makes that a tough pill to swallow. Having a crap ton of JFK slots would be interesting from a wide body standpoint if Delta ever decided to expand rather than just replace that fleet.
So hear me out on this, because I've been thinking about this for a few months.
Delta buys JetBlue in order to strategically block United from gaining access to JetBlue slots and gates in JFK and BOS. Take terminal 5 in JFK, and then Delta sells a third of the slots to United, a third to Southwest and then a third to someone like Breeze, making the DOJ happy there are new entrants. Do the same in Boston.
It also allows Delta to refleet some of the oldest Northwest A320's and gain access to more 220 orders.
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