Sure. That may happen. I'm not sure the travelling public will be thrilled to have bought a Qantas ticket to turn up and see a wet leased JQ A320 waiting for them.
The problem is that as soon as you call it Qantas and fly it around domestically and it's painted as a Qantas aeroplane, the SH EA applies. That doesn't stop them from calling it Link or Lite or whatever. I just don't subscribe to the 'it will all be wet leased JQ aeroplanes' scare mongering.