Qantas has done this in the past. Ansett 767 Pilots worked in previous rank for a period in the Qantas uniform. They then had to apply for their jobs and join the company on the bottom of the list. I’d imagine with a 2-3 year contract for the EIS phase, and number on the bottom of the list, once they lost their 777 seat, they’d still find suitable seats with a reasonable income elsewhere in the fleet. Year 3 pay as an A380 SO would probably pay the same as a VA 777 FO. (With overtime). A QF 737 FO would be close if you’re working and chasing hours.
BSM this was a unique event and it was only because there was a massive vacuum to be filled they also did it on the 737 fleet. QF did not do it out of the goodness of their heart it was done for purely commercial purposes. If they needed to fill a VA shaped hole in the international market then they have plenty of Group pilots and airframes who would do the job. Most Ansett pilots who joined QF were processed in the usual way. The one advantage they were given was that their applications were processed ahead of other applicants.