Because the larger players are getting slaughtered in a recession that is magnified in the travel sector, the small regional airlines have had a chance to muscle in on some major opportunities. Over the past 10 years, regional airlines have grown by at least 10%, according to the Regional Airline Association. Meanwhile, network airlines have gone in the other direction.

And, the numbers tell a pretty compelling story.

The five U.S. network airlines -- including Delta (NYSE: DAL) -- reported a combined operating loss of $4.4 billion over the past year. The top 20 regionals, on the other hand, came together to post a $785 million profit, and only one of them wound up in the red.

Of course, the little folks do have an advantage. Many of them are owned by larger network airlines, which gives them access to the services and infrastructures of their larger counterparts and lower operating costs. Left to their own devices, the cost to run a regional airline (for these guys) would be higher. Further, the regional airlines are paid by the networks based on the number of hours they fly or the number of seats they provide to the network. This takes the risk out of the regional and sends it along to the network.

The primary risk that the regional airlines face is the viability of the network airlines with which they are affiliated. Mesa Airlines, for example, relies on Delta, United (NASDAQ: UAUA), and US Airways (NYSE: LCC) for business.