One reason that may not happen is that unless something drastic happens, supply for faculty positions will continue to outpace demand by a couple of orders of m

One reason that may not happen is that unless something drastic happens, supply for faculty positions will continue to outpace demand by a couple of orders of magnitude. The average professional baseball player spends his life in the minor leagues, never making much, never seeing any real security. But the upside of being one of the lucky ones is such that you'll never have a lack of talented people trying to play in the big leagues. Academia's upsides are not financial, but the dynamics are basically the same.