I'm going to use Delta as an example of this, but I've seen an offer like this offered by many carriers:

"Fly at least two non-stop or connecting round trips in any paid fare class excluding T, in one or both promotions before April 15, 2004 to earn a free* Award Ticket"

I just went to the Delta website and looked for a r/t flight from JFK-LAX (3/3-3/10). The cheapest fare--of course in T class--is $216. The cheapest flight that would qualify for the above offer is $430. So purchasing two qualifying fares would cost you $860, while I could buy three r/t tickets for $650.

Is it just me, or am I crazy in thinking that in any other industry this would reek of fraud? Why are airlines allowed to play these kinds of games, and how is that this sort of practice is ethically or legally sound? I know nothing about law so any words of wisdom would be greatly appreciated.