My company did something similar when we went to AA. However, I can fly Y on another airline when the fare is a certain percentage below the AA fare, which is easy to do since I fly where AA does not....
Then we have the guidelines about business class travel.....OK on some airlines, but not on others.
As a rule, I can find a fare on my own for 50% to 60% of the "company deal". The deal only helps during peak travel times when fares are extremely high.