A sad day for all involved. I know what it's like to be tossed out of your cosy base, it's happened to me twice ! I once got told "Don't move for an airline job unless you have a mobile home".
The ground staff at CWL are a good bunch I hope there is a plan somewhere. There should have been because the Baby departure has been coming for a while. Sorry to sound negative but the company is dead and they're just waiting for the last German torpedo !
Airlines that are based at BRS (FR, EZY) are very unlikely to ride into CWL. The unfortunate fact of life is that the airports serve largely the same catchment and you'd just be competing with yourself. If they were going to they'd have done it by now. Baby wouldn't have stopped them.
If CWL management offered free everything (which they won't) they might get the odd FR inbound from a foreign base, The Irish Cancer love a freebie, but that won't pay the bills and as soon as there is money involved they'll go away saying how the fact that CWL wanted some money has cost a million jobs in South Wales.
I also don't think Jet2 would take the gamble. Being a similar operation to Baby they may be just a little too wary of the challenge at this point in the economic cycle. Although I will qualify that by saying I don't know anyone in Jet2 so I have no real idea what they think and they would be a catch if it could be done. Just feel they would have already been at CWL if they were interested.
What CWL may have to do now is go cap in hand to Exeter. Offer JF another R8 or whatever big sports car he wants because Fly Be makes the most sense. They have the right equipment for the job. They could make money where others can't. The 195 is small but cheap and will patially fill the med void and with 110 seats should always fly full if the schedule and price is right. (Baby's price ain't right if you compare to FR and EZY similar routes/dates). The Dash can handle most of the other routes that are sustainable from CWL. They're not going to bring in a huge influx of passengers but may stem the flow away and save some jobs in the process.
Good luck to all involved and I hope it works out for you all.