If the dynamic pricing is now in effect for non-DL flights (vs. either available at the normal level or N/A for non-DL flights), that would be a massive further devaluation.

That would also require DL to work closely with the other SkyTeam airlines, and given how arrogant and uncooperative DL is, that is unlikely, so hopefully it's not happening...or is in place for VS only but not coming for others.

They may not necessarily need to talk to partners to do this (although they might be upset). For example, if they have a contract with AF/KLM to buy a certain number of business seats for $X USD (DL surely gives them real money and not SkyPesos) for their loyalty program members -- it may be irrelevant how many SkyPesos DL charges its own customers.