A friend of mine is in the exact same position today – and I am sure you are not him :).
His employer made his job redundant but at the same time there was another job advertised internally. So he went for that and during the interview process, HR hinted that they had already got someone lined up for the position and it was simply a formality that they were giving him an interview. It was for a managers job.
So fast forward 30 days and he had accepted the job (no idea where the other person went) and acknowledged that it was not quite what he wanted to do in life – they stuck him in at a lower level – but it was well paid and would tie him over especially since his current job was being axed. They sent out his contract at the weekend and they have extended his working week to working Saturdays, extra hours during the week and they expect him to do oncall. Like it, or lump it is basically what they have told him.
So it sounds like employers are up to their old tricks.
tl;dr: Applied for Managers job, given pleb job instead. Still expected to do all the manager tasks, oncall and not get paid extra.