•Keep in mind that unless they’re cash-settled, options typically exercise automatically if they’re in-the-money at expiration unless the owner tells the brokerage not to in advance. So if they expire 0.01 or more ITM, i.e. if you’re right, at that time your brokerage is going to take (100 X the number of contracts you buy) shares from your account and sell them at the strike price. If you don’t own that many shares of LUV, unpleasantness will ensue.

•Per the other comments it looks like LUV stock will open with a gap down today, meaning if you didn’t already own the puts by last market close you won’t have any certain way to capitalize on it unless there’s an additional run downward, but the bigger the gap down the higher the put premiums will be.

•Betting that an event that hurt their reputation will hurt their stock price is one thing but if you’re doing this because you’re angry you experienced this but don’t have experience trading options then it’s very likely you’re going to lose money.