RE:The truth about Aeroplan and the miles
The real question is what kind of availability on AC flights, and at what cost, will Aeroplan get after 2020 ? Assuming they can still purchase seats that is.
As for operating AC's future porgram, that is clearly an option, whihc is called "white labelling" in the loyalty program world, whihc has always been a strategic option Aeroplan was looking at prior to being spun-off by AC.