A long-standing belief I have is that much of the dysfunction in faculty hiring markets is that the salary paid to TT faculty is well above the "market clearing price". That is, colleges pay faculty substantially more than they would need to in order to hire enough faculty. I think one subtext of the points you're making is that we're about to find out, in many cases, what happens when that is no longer true.
A long-standing belief I have is that much of the dysfunction in faculty hiring markets is that the salary paid to TT faculty is well above the "market clearing price". That is, colleges pay faculty substantially more than they would need to in order to hire enough faculty. I think one subtext of the points you're making is that we're about to find out, in many cases, what happens when that is no longer true.