Pilot wages have no affect.
Interesting to note that the carriers that have gone out of business this past week have all been on the lower end of pilot wages and work rules.
Pilot wages will not affect the survivability of an airline. The Legacy carriers aren't going anywhere. Maybe one will go bust. They have economies of scale that will allow them to ride out a downturn.
The airlines that will be in trouble are the ones receiving new airplanes. They have payments to make and cannot just park them to ride out the storm.