I recently retired from print journalism. You won't get much encouragement from me, I saw too many good photogs laid off. I would offer up two things. Video seems to be the future of journalism. There is some good documentary work going on out here. If you notice even newspapers are posting videos. And get some language skills and piss on the formal degree idea.
Video is the future of journalism, I'm an intern at a local paper with 100,000 readers. I spend a good bit of time being a copy editor ,writing articles and soon taking video and stills. We have really embraced the concept of using the web to survive. I do this for free at the moment as part of my education in PR/ Journalism and have expected that it will not be a high paying career.
The new "paper" model needs to accept the internet and video as a viable part of the business and use it aggressively. Facebook, twitter, and blogs have also become a part of the equation as well, the industry has really become an adapt or die sort of thing. We pay an independent photog for local coverage , though he calls our paper first. Our independent works on his own and accepts anything that comes his way it seems. Part of what he does happens to be video which he can grab stills from in addition to his digital still files from his dslr.
Perhaps my initial statement is a bit to broad but I know we spend a great deal of time pushing our video and web efforts to our readers. It may not be 100% related to the post about how to become a PJ, but I think it offers up solid insight on being able to adapt.
Everything else thats been covered by those who have done it for years is more valuable because they've been there and done it. What's been said about photo editors being connected holds true , from my short time at the paper there are people who have bounced from paper to paper and city to city, these people are a valuable resource to be tapped.
I'd like to be a PJ but have resolved that I personally don't possess the talent and same level of drive to do it( this may be a sentence rife with BS) I think I have missed the boat.