I know I said yesterday that I wouldn’t write this morning unless Delta declared bankruptcy. Well, the opposite happened, so I felt I should write about that. Delta’s pilots agreed to $1 billion in paycuts, including 32.5% off the top and a freeze on raises until 2009. Top pilots will see their salaries drop about $90,000. Even with these extremely generous givebacks, Delta’s top pilots make about 80% more than JetBlue’s. Still hard to compete against that.