By some rough estimates, it might cost $20 billion for an acquirer to buy both Sprint (News - Alert) and Clearwire, with Sprint valued at perhaps $15 billion and Clearwire valued at about $1 billion. Allow for an acquisition premium and a figure roughly in the $20 billion range might work. Though it is not clear they would wish to do so, Apple, Google, Microsoft (News - Alert) and Intel have plenty of cash. Research in Motion and Nokia or a few cable companies might also be in position to consider such a move. Who should pick up Sprint?

The latest rumor is that Dish Network is looking at such a deal or a partnership. Dish Network has acquired spectrum it wishes to use to support a new Long Term Evolution network. The thinking is that Dish needs experienced personnel to make that happen. One might argue there are lots of other ways to accomplish that goal, rather than buying all of Sprint and Clearwire. Dish might explore a deal

Ericsson, Nokia Siemens Networks, Alcatel-Lucent, and Huawei, for example, all run standard outsourcing programs in the mobile space. Outsourcing an option

What Sprint would bring is heft and presence in the existing mobile business, despite some well-known issues. But it is fair to say Sprint may have its own ideas.

“I don’t believe that what the DOJ said in any way, not even a little bit, should be viewed as "we want to keep four,” Hesse told investors recently.  "My view is [the Justice Department] would look at other consolidation very differently.” Hesse says a “very strong argument” could be made that antitrust regulators would approve a hypothetical Sprint merger with T-Mobile (News - Alert) USA. Sprint thinks it could acquire T-Mobile USA Some aren't so sure about that.

It is clear that significant further movement is likely in the U.S. mobile market. Clearwire has returned to its original model of wholesale provider, while Sprint always has been much more receptive to wholesale operations than either AT&T or Verizon Wireless (News - Alert). Lots of contenders could get into the national wireless business without having to bother with an acquisition of either Sprint or Clearwire.