Bottom line is that many majors still require a degree and hiring will still be competitive for quite a few years. The big wave of retirements isn't coming until after 2018. I have a friend who worked many years as a ramp controller for a major before his flying career started. He's now a check airman at a regional and cannot be hired at his former major airline since he has no degree.
Secondly, IMHO, a degree in anything is still helpful in this career. I have a B.A in History and use the experience from university every day. You develop study skills, analytical skills, effective communication for CRM etc etc. It's not just a piece of paper. That's my opinion.