It wouldn't be link, Jetstar or Cobham. No one entity will be allowed to have a anywhere near critical mass. That is the business model, divide into as many interchangeable 'units' as possible.
Just remind me who is in the process of acquiring RPT on their AOC? Beyond that future growth will be in airlines that exist only as names & ABN's on the whiteboard timeline.
Every new entity will have a defined life cycle, lesser T&C's, quick growth, promotion for those that jump in early, stagnation, then death. Welcome to the disposable workplace of future.