It is not an each way bet!
Of course there will be regulatory obstacles, I am well aware of the EU requirements, but a state carrier (in say the ME) losing a mythical 200 expatriate pilots to a mythical QF 'contract' start up, may well, given the state interest in the carrier home market reduce or eliminate a supply problem in order to rectify any perceived shortage. Regulations are an impediment at some levels, but not absolute. In other words if it happens the rules will be changed....
So my interest is how exactly, other than the usual nameless faceless threats could Qantas deliver it?