Almost certainly a devaluation, but they won't be able to do a straight devaluation so early into the new CEO's brand reputation rebuild process.
So it will also need to have some sweeteners attached.
They could probably spin a full switch to dynamic pricing as being an 'improvement' if they initially set the redemption prices for the old classic reward seats at a lower point than is currently the case. Then tout all the other seats as being increased availability — 'now you can buy any spare seat on the plane with points' (even though points plus pay already offers that).
They could also fiddle with the award levels, improving economy again while devaluing premium cabins, but that won't do enough to address the main gripe, which is lack of availability.
My money is on dynamic pricing.
