It's not so much the F/Os don't have the skills but there has to a final authority. The regs say the PIC is that person. I've got a full type in the 744, I've got a tiller, it's still the Captain's call. My job is to keep it on the runway below V1 and fly it it off once we're past V1.
There is no requirement for 1500 hours under the law passed by Congress, only that everyone hold an ATP. Some of the aviation colleges have stomped their feet because now they won't be able promise students an airline career straight out of school and so the FAA is talking about creating a junior ATP if you went to a 4 college and got an aviation degree. So I would add another player to your list.
The FAA has given their estimate of the cost to the airlines and to individual pilots in the NPRM.