Baron Rouge, there is no definitive deal so nobody can answer your question. However some people have recently signed on for some very poor deals indeed. I think the way you have laid out the alternatives is as good as any (and the correct course of action is obvious, n'est-ce pas?).
Ryanair want pilots, preferrably those who are tied to them (locked in) in some way and who will sign a worse deal than others signing up. There is always somebody out there to sign on for something much worse than what can be achieved. No news in that! Ryanair's cleverness is to recognise that if you deal with individuals by making different offers the poor negotiators will invariably accept a much worse deal than would otherwise have been available.