I've noted that what motivates me to write here is the unsaid, the facts that are unrevealed and non-decisions that are not discussed because doing so is not in the interest of those in the game. When the unsaid is said, that is no longer necessary. So rather than write something, I'll just link something you should read. Actuary John Bury is up to 46 city pensions plans in 25 cities in his analysis, and the NYC situation looks really bad.
It appears to me the only way for the teacher's pension to get out of the hole would be to go pay as you go (or something close to it) for several years, shifting at least $1.4 billion per year and perhaps more (depending if the early retirees from the 25/55 deal are fully reflected here) from the classroom to the retired. That would require not only drastically increasing class sizes, cutting extra curriculars, sports and student services, but also possibly knocking a year or two off the education most NYC children receive. A repeat of the 1970s, in other words.