Happened to me on Monday
Got an email saying AS overbooked first class (ANC to SEA) and needed volunteers. I called to inquire and only coach seats were middle seats.
I asked for a flight change since my complete itinerary was FAI - KOA. Even willing to switch to next day, but AS said first was unavailable.
I was downgraded as well. Middle seat in back near the toilets. No compensation offered.
I switched to a red-eye FAI - SEA with a 13 hour layover in SEA. AS switched its tune to claim an equipment change instead of overbooking as their email claimed.