This restructuring IMHO points away from a merge with UAL and more toward a merger with AA. Everywhere US is pulling out of, AA is strong. Where US is increasing/maintaining, AA is not as strong. I don't think US would build up DCA just to have the DOJ order reductions subsequent to a UAL merger, due to antitrust concerns.
JB is interesting, especially with LH financing. It would keep US in the Star and increase JB's presence overnight, although it doesn't do much for US geographically. In order to survive against DL/NW and LUV, US must get bigger. The shrink to profitability theory is like time traveling by getting really close to a black hole without getting sucked in - not possible.
The only "?" is PHX...it is not a very useful hub for AA or UAL, but may be interesting to JB.
Whatever is decided, a name change would be welcome.
Cheers