Yes. Possibly even more, depending on how the pool organizes the PPLN rounds and how many confirmations they need for determining maturity, how fast they pay out etc.

Regardless if you think (on average) div's are going up or even remain flat,  I have a bridge to sell. You are getting to the point where nearly 50% of the mining revenue is spent on fees. What do you think will happen to divs if average mining revenue drops by 20%? Hint: they dont just drop by 20%.