My core claim: headcount and output decouple. Coding agents went from near-useless to solving most benchmark tasks in about two years, and inference costs keep collapsing. The "more software gets built" argument doesn't save jobs if one senior directs agents that replace a team of ten. Junior hiring is already falling; that pipeline drying up is the leading indicator. The bottleneck shifts to specifying and verifying, but agents are absorbing those too. For a five-year developer: stop competing on writing code. Own outcomes, deep domain knowledge, and system judgment. Learn to run agents like a team.