Thanks for the summary LEV -- most helpful -- my two cents where I have two cents to offer (some admitted downsides for this 2MM who does not fly as much as before may still have an upside)

Priority Reservations Services - no announced changes

• Priority Airport Services - no announced changes
• Lounge access - no announced changes other than no option to select guest passes at start of year, but instead they are an option as you hit SQC milestones and will be valid at all MLL's including international WILL REDUCE MLL CROWDING?
• eUpgrades received at start of year - this is a huge change
  • Today every status person receives a base 20 eUpgrades - it goes up 10 to 30 for SE's and stays the same for E75K's but goes down to 5/10/15 for 25K/35K/50K.
  • No ability to select optional additional 5/15/20/35/50 eUpgrades to start the year
  • Bottom line: If you are a MM who is no longer flying very much, you will have far fewer guaranteed eUpgrades and will have to hit SQC thresholds to earn them (and looks like you will earn somewhat fewer overall) WILL ENHANCE EUPGRADE SUCCESS?
• Exclusive rewards have been mostly gutted and moved to milestone awards, which means as a MM you need to fly/earn to benefit from these rather than being able to choose some at the start of the year
  • 250 point minimum - now irrelevant
  • No bonus mile earning option (presumably replaced by higher earn rate on Aeroplan points for status passengers)
  • Threshold rewards replaced by Milestone rewards available in smaller increments with lower value (especially at high SQM levels) and now must choose awards whereas you used to get most automatically
  • One-time SQM/SQS bonus not available at start of the year but can be selected as a milestone award - this is likely an enhancement since you can now decide as your accumulation progresses whether or not this has value
  • Aeroplan 50K for a friend no longer selectable at the start of the year for SE's - now only available when you hit 130,000 SQC - huge devaluation for 3MM who no longer fly a lot since they can no longer gift E50K unless they earn 130,000 SQC WILL REDUCE MLL CROWDING?
  • Aeroplan 35K for a friend no longer selectable at the start of the year for E75K's - now only available when you hit 130,000 SQC - major devaluation for 2MM who no longer fly a lot since they can no longer gift E35K unless they earn 90,000 SQC
  • Aeroplan 25K for a friend is now available when you earn 70,000 SQC (new) WILL REDUCE MLL CROWDING?
  • It looks like you might now be able to gift 25K to one person, 35K to another and 50K to a third if you choose those options when you hit the applicable milestones (new if true)
  • Complimentary changes on Aeroplan awards - no announced change
  • No status passes at start of year for SE's - no a milestone choice
• Exclusive offers - no announced changes other than you will now get SQC rather than SQM if you choose that option with flight passes
• Star Alliance Recognition - no announced changes
• Partner Airlines benefits - no announced changes
• Up to 200,000 SQM rollover gutted and replaced with (no cap) 10% of prior year SQC rollover with up to 200,000 SQM rolled over for 2026 at a 1:5 ratio - i.e. max 40,000. This takes away the up to ~100 additional eUpgrades we could get at the start of the year. Also getting a banked year of SE now will require 200,000 SQC versus as little as 50,000 SQM for those able to roll over the maximum 200,000 SQM under the old program.