In a fair sense, airlines should take a balanced approach. Introduce dynamic award pricing for seats they consider to get sold or questionably sold and fixed prices for seats they would consider unsold + some for elites etc.
There are many companies and wealthy individuals that spend a ton of money on cc and use the points as just another way not to take cash out of their pocket. These types of people cause the airline to loose money absent introducing dynamic pricing.
Then there are regular spenders that specifically spend on a specific cc or an individual that specifically flies airline #1, so to be able to take a vacation etc, with these people the airlines will be loosing losing money if they introduce dynamic pricing.
It's hard to dispute the fact that blogs caused people to be way more mind conscious on what method of payment they are using and once these people feel they wont be able to get value out of points they will start using cash back cc @ 2%.
Imagine a blog not being able to boast about first class, they would have way less readers and cc companies wont be making that much money, and most of those people redeeming anyway dont maximize the points so why bother making things so restrictive? for those few people that know how to get value? will the blogs still have what to hype about?
I think it's time for airlines to realize that not always is there room to squeeze. By looking at some airlines financials, the only area they are making money is points, so why mess?