Yes, it’s all over the news. US Airways is posed to merge with Delta. The combined company would keep the Delta name and become one of the largest airlines in the world, reaching more than 350 destinations across five continents.

For frequent flyers, there are lots of questions in the air (pardon the pun). For now, we suggest that you sit back and watch what happens. Delta has until Feb. 15, to create its plan of reorganization and not much can happen until after that date. And then, the merger would not be in the hands of Delta, but rather the creditors who would be the ones to decide the airline’s fate.

In any case, frequent flyers can rest assured that they won’t lose their miles in either program and some might find themselves in an elite-level membership if their miles combine. It should be an interesting event, or non-event, to watch as the days unfold. For example, would the new Delta be a SkyTeam or Star Alliance member? And what will the ripple effect be to other airlines and partners? Only time will tell.