That’s the only way to read the news about US Airways’ offer for Delta. The new US Airways, which was the old America West after it had taken over US, is offering creditors of Delta $4 billion in cash and $4 billion in stock, reports the New York Times. That would give creditors about 50 cents on the dollar.

The real point, though, is consolidation and further rationalization of the airline industry. The airline said in a statement that the merger would save at least $1.65 billion in operating costs each year by combining facilities at some airports, eliminating overlapping flights and cutting capacity by about 10 percent. And CEO Doug Parker told analysts that the savings could be even more.

The odd thing about Wednesday’s news is that people had been expecting a deal after bankruptcy and with either Northwest or Continental. This kind of consolidation coupled with labor concessions to match JetBlue and Southwest is the only future big airlines have. A cut of 10 percent in capacity will push up ticket prices and put even more of a premium on having a reservation and getting to the airport on time. It also means there’ll be an even bigger chance of getting stuck in that dreaded middle seat if you don’t get a boarding pass early.