All this will do is exacerbate the mother of all Pilot Shortages in around the 2030's. There will be early retirements and those who leave as there is no employment. If you can hang on 5 years I would suggest that you would probably get back into an airline. All that depends on your life stage though if you have a family waiting 5 years for another airline job is not going to happen.
What will happen is training will dry up, there will be no one moving through the industry, retirements still happen and eventually there will be noone left to hire. You can't just get airline ready pilots overnight. With the cost of training now so high the risk profile will be to much for most to accept. Those finishing cadet courses or high fee training right now are probably going to get screwed and be lucky to not be bankrupt. It will be interesting to see what REX do with their cadets as people there are legally bonded but noone will be moving on there in a hurry.