So could we potentially see CPO1's drop all the way to S1 or whatever they are calling LS right now? I know in the Army when you switch trades you normally drop to Cpl. I know one reserve unit that drops people to PteB, but that's another story.
CPO1s are their own MOSID now (00385) so I don't foresee them getting dropped from this.
Also, depending on the reason for COT, there is not necessarily a reduction in rank. The RCCS COTed whole trades into new ones without rank reduction because it was CA led decision, vice due to inability or medical grounds. That was a mess of it's own, but we didn't see swaths of SNCOs drop to Cpl because of it. Same with the Cyber Op folks when they stood up.
What I can see happening is a 5 year grace period for these folks to retain rank, retain rate of pay, get qualified in their new trade, and then close the books on Steward.
To do anything else would cause another ACISS like debacle, and I wouldn't wish that even on the RCN....