normanton
First and foremost I acknowledge and respect your right to interpret the situation as you see it. Its just a little difficult to rationalise the concept of LWOP then no CR.
If the company makes LWOP available only to a select few then I dare say more senior pilots who have not been given that option would have something to say about it.
Tell me how that makes sense or how it would pass any test of reasonableness. The clause you refer to seems to give the company the OPTION to pass by a pilot. It is not mandated. No doubt you will get the proper advice from people in the know, as you should. All the best.