Originally Posted by
Superguy
Given that AA's stickers have value, you have to earn them (only 4 per 12.5k EQMs), or buy them, the upgrades certainly aren't free for most elites.
$100 premium for a TCON or at least 5 stickers valuing out at $200 - yeah, that's free.

Depends. If the net margin captured in the 12.5k EQM >= the net margin captured on the F seat at full fare, the upgrade is a punt assuming you have little demand. If the net margin is less than the 12.5k EQM, or you can generate ancillary revenue by filling it as a paid F seat, AA should always maximize the seats sold.
I was paid F on my most recent LAX-BOS, redeye, and the upgrade list was 27 deep. I don't recall how many cleared.