You can be sure that young guys are thinking the same things that you are. The difference is that they may not have the same kind of commitments as the older guys have that a payout won't fix, so things sit a bit easier.
Those that are left won't necessarily be young or brown nosers, and there is a need for most classifications, just fewer numbers.
It's true that fairness on the selection of those who go CR will not exist, but there are always surprises and the unexpected, so not all is a given.
I know this because I've been through two such events and it's never pleasant to see your friends disappear from the industry, but after the second, I found I could do better outside the industry.
In time though, (2-3 years) on both occasions, recruiting happens again because the management ALWAYS let go more than they should. That's no real comfort I know but it s a reality.
I wish all you guys (and girls) well during this and good luck.