The US Airways-Delta merger is far from a sure thing, as The Deal's Lou Whiteman has been reporting. But that hasn't kept people from picking the potential winners and losers of a combined company. The latest picks come from Knowledge@Wharton, the strategic newsletter from the Pennsylvania business school.

We already know that with demand for seats soaring, the merger, and any further industry consolidation it might trigger, would likely mean higher fares for customers. But the analysis goes on to explore the less obvious trickle down. For instance, US Airways and Delta "belong to different worldwide airline alliances, which, among other things, allow customers to credit flier miles from one alliance to another." If the merger flies, Delta would have to exit its alliance. "That would mean fewer choices for consumers. Somebody would have to suffer because of that."

Then there are the planes themselves. Delta is a Boeing customer, and in fact has an order in for the company's new Dreamliner aircraft. US Airways prefers France's Airbus. To achieve the synergies US Airways' CEO Doug Parker is touting, the combined company would most likely rely more heavily on one manufacturer, leaving the other with a big hole to fill. — Suzanne Stevens

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