A longtime advertisement in the US Airways inflight magazine has been from Karras Negotiating workshops. Their motto is:
"You don't get what you deserve, you get what you negotiate."
The new American Pilots deserve more, however that was not was what was negotiated. The APA negotiated a backstop arbitration to give the company a fixed known cost. This clause survived various changes during the past several years. It was negotiated between APA and the current US Airways management, without the knowledge of USAPA sometime in February of 2012, prior to the public announcement of the merger. It survived as a condition of the original term sheet to the Green Book, to the MTA and now in the final contract.
The cost neutral arbitration was the price of admission to the merger and it is not some opportunity to gain more. It will very likely result in less. It was designed as a back-stop on pilot contract cost to show the creditors committee a known fixed cost for the new American Airlines and allow for the emergence from bankruptcy as a merged carrier.
The company offer is not a great deal but it is better than risking arbitration. It is not what we really deserve but it was what APA negotiated.