I read an article about some guy at a think tank. He predicted that we would have to take a 20% pay cut. He then went on to compare the wages of the "big 3" workers and the workers at the inport plants in the U.S. The difference was that their wages were about 93% of of what we were making. This would leave about 13% for legacy cost. With the buyouts I don't see that cost at that level.
For what MAY change in the next contract, I don't see very many changes for current employees. I would predict no pay increase, an increase in prescription by a dollar or two.
The biggest change, I think, will be for the new employees that hire in after September, 2007. Their wages MIGHT start lower and take longer to reach top wages. POSSIBILITY have a 401k with a matching amount instead of a defined pension plan.