My understanding, based on the comments offered this weekend and previously, is that CO just isn't losing enough corporat business for this to affect them.

If you can't book consistently at co.com or at the higher fares, CO doesn't consider you to be as valuable an elite to them, and they're making it clear with this policy. And CO is going to take better care of the folks who bring them more revenue (or lower cost, which is the co.com thing since they don't have to pay out to the GDS), so it is better for the elites who earn it that way. If you aren't one of them then you don't fall into the "you" they are targeting.