You haven't been paying attention! They already have started (and the "already" is several days ago, this is was "already" at the time you posted your message). AA is adjusting the award charts on many things, except the domestic lower-48 capacity-controlled coach is staying at 25k.

So perhaps if you only think of your awards for use in the lower 48 domestic capacity-controlled coach 25k, then that may stay the same.

But even Hawaii (a perennial award favorite) is going up.

Meanwhile:

One size didn't fit all before, and one size doesn't fit all now. Redeem for a shorter flight that still costs less than $200ish (say LAX-SFO) and it's still going to be way less than 2 cents for a long time.

Redeem for a business or first class ticket across an ocean, and it's always been worth way more than 2 cents for a long time, and even with the award charts on that crreping up, continue to be.

So I don't understand this stilliness about how a mile will "again" be worth 2 cents. A miles was always worth a completely different amount depending on how you used it!!!!

And by reducting capacity, the availability of capacity-controlled (25k, etc) awards will go down, and more people will either not be able to use their awards when they want or will have to use the "anytime" version that costs double (50k, etc). That's increase of value per mile???

Of course, this again all depends on specifics. In some markets where the capacity is not reduced but business travel drops off, awards may become easier to get (but prices may also not go up as much), while in other markets where capacity is reduced but travel demand doesn't drop off proporitonately, award may become near-impossible to get (except at double the miles for "anytime" awards) even as prices go signifcantly higher in those markets.

And it may also vary a lot from airline to airline.