Labor relations in show business are about as serene as an Arnold Schwarzenegger action film, and the Oct. 22 resolution of the commercial walkout has not left everyone rejoicing. Members of the Screen Actors Guild and the American Federation of Television and Radio Artists, who won higher compensation for network commercials, may be so encouraged by the recent victory that they may not leave the bargaining table until they have better deals for booming international, cable-television and DVD markets. Two days after the new commercial deal was announced, the Writers Guild of America membership overwhelmingly approved a list of negotiating demands that studio owners will not grant freely, if at all.

The possibility of a shutdown lasting through next summer already has thrown the film industry into overdrive. Production executives pull 17-hour days. Directors are so busy reading scripts they’re skipping the show-business institution of doing lunch. Bosses at International Creative Management have taken to giving their harried talent agents pep talks as they scamper to place clients in as many jobs as possible. “Since everyone wants to work before the drop-dead date, everybody is now booking themselves right through next summer,” says writer-producer Akiva Goldsman.

If enough work is not completed before the potential strikes begin next May and June, the supply of new movies will slow to a trickle after Christmas of 2001. “Everyone has ants in their pants,” says Joe Roth, whose new Revolution Studios is currently making eight films. Yet some things, like delicate heart surgery and moviemaking, are not improved by haste. In its determination to stock the cupboards, Hollywood could end up with an overabundance of slapdash fare. “There are movies being put together now that shouldn’t be,” says Dan Jinks, the Oscar-winning producer of “American Beauty.”

The flip side is that movies that aim higher may not get made at all. When Universal Pictures and Miramax Films bought the movie script “Cinderella Man,” they saw it as more than the true story of Depression-era boxer James Braddock, who became a folk hero by upsetting Max Baer for the heavyweight title in 1935. The producing partners also envisioned an Academy Award contender, pairing Oscar-winners Billy Bob Thornton as the director and Ben Affleck as the star. But Affleck won’t finish the Tom Clancy thriller “The Sum of All Fears” in time for “Cinderella Man.”

With so many producers scrambling for actors, new stars are being hatched over-night. Ironically, the cost of labor, a key issue in both upcoming contract talks, will ratchet up just from fear of a walkout. Irish actor Colin Farrell, who starred in the little-seen Vietnam story “Tigerland,” is taking the lead role in the thriller “Phone Booth,” which was once going to feature Will Smith or Jim Carrey, and will then collect $2.5 million for the World War II drama “Hart’s War,” which nearly starred Ed Norton. Every one of the acting Arquettes (father Lewis, and children Rosanna, Patricia, David, Alexis and Richmond) either has a movie in production or coming out soon. “That’s all I’m doing now –looking for actors,” says “Saving Private Ryan” producer Mark Gordon.

Actors and writers aren’t the only people preoccupied by the thought of another work stoppage. Producers and agents could lose their jobs if studios and talent agencies use the strike to terminate employment deals. Since the big studios are parts of global conglomerates with multiple income streams, they can weather a disruption and benefit by reducing their overhead. Says “Patriot” producer Dean Devlin, “I’m terrified.”

As Hollywood argues the will-they-or-won’t-they debate, many executives fear a work stoppage may be inevitable. Says SAG president William Daniels, “We don’t want to get our pockets picked.” For now, it also remains to be seen whether moviegoers will be fleeced if they must suffer through a crop of movies that should never have been made.