This is actually a *good* thing for PMs who wouldn't make DM even with the old waiver. You can't really be "overcrowded" by other PMs, but you can be outranked for UGs by DMs on very low fares. Those pax will now be PMs and you can compete with them based on fare class.

Also fewer RUC/GUCs out in the world, fewer SC memberships, etc. Since DMs already receive all PM benefits, dropping some of the DMs to PM will not increase the total amount of PM benefits in the world, but it will by definition reduce the number of DM benefits that compete with other medallions.