Based on what Disney CEO Bob Chapek said on Monday at the
J.P. Morgan Global Technology, Media And Communications Conference, Park Passes will remain for the foreseeable future.
Chapek obviously does not see company value in Annual Pass Holders (APH):
How do we want to emerge and how does that fit our yielding strategy and our guest experience strategy?
Things like annual pass -- it's probably no better example here than annual pass where it’s a legacy system people will keep signing up for year after year which may not play into our yield management strategy in an ideal way so we had a chance to thoughtfully and thoroughly reconsider that.
The APH program is already gone at Disneyland Resort (DLR). They might institute a frequent buyer program but APH is not coming back to DLR. (Until it hurts DLR's "yield management strategy".)
It's a different situation at WDW, where APH make up a much smaller percentage of Guests.
One way to manage WDW APH is to keep the Park Pass program but limit what percentage of overall park capacity is allocated to APH. With the current "3 reservations" limit, WDW APH are going to the parks a lot less than they once did. For all we know, even when WDW is operating at full capacity, APH might get no more theme park access than they have today.
Instead, as WDW increases theme park capacity, it seems likely that the increased capacity will be allocated to onsite Guests first and single-day ticket holders second. Long term, it may be that the only way you can assure that you can visit the theme parks you want on the days you want, you'll have to stay onsite.