I agree with the spirit of what you said, however I would upgrade T-Mobile in that analysis. They're a beast of a competitor without Sprint, and they're slow-stomping both AT&T and Verizon. Grinding gains persistently year after year.

They're adding millions of customers per year in the US, nearly all of which are being stolen from the competition. AT&T and Verizon are sitting on stagnant wireless businesses, while T-Mobile keeps getting bigger.

Operating income hit $5.4 billion last year (up 100% in three years).

$72 billion market cap, up from persistently losing money and worth just $10 billion seven years ago.

Without Sprint they're on their way to a $120-$150 billion market cap and $10 billion in operating income in the next five years or so. And there's nothing AT&T & Verizon could do to stop it.