The company is still deciding whether to implement the new contract.
For now, the new contract has supposedly been presented merely as an "offer" that pilots can choose to sign—or not. Smartlynx will evaluate the situation and determine whether to allow pilots to continue working under the old terms or to make the new contract (or "offer") mandatory.
If the latter happens, it would result in contract termination initiated by the employer.
How cleverly worded and orchestrated this is (irony intended).