AT&T's sale of its AT&T Wireless division to Cingular for $41 billion should count as the best scam of the century -- so far.

What Cingular thought it was buying was the AT&T name, exclusive rights to frequencies and an end to competition keeping prices down.

But Sprint has thrown a monkey wrench into its plan, simply by wholesaling the capacity of its PCS network. Thus, AT&T won't be out of the market when the sale closes (although its current customers will be confused, converted into Cingular accounts). Virgin and Qwest are also wholesaling Sprint's capacity under their names.

This story, however, could become far more important. (The logo above is from one of Sprint's fine PR counsel.)

Sprint's Clue is understanding that someone with capacity can grow by wholesaling it. If they don't like your name, let them buy someone else's. If they don't like your prices, let someone else experiment. Dump the real risks -- the marketing -- and rake in the cash.

Clever.

But there are many other companies that can take this Clue and run with it. Cable companies can wholesale their last-mile capacity to take ISP share from phone companies. Phone companies can wholesale it to take last-mile capacity from cable. Fiber operators can wholesale it to regional ISPs.

There is plenty of wireless and wired capacity. The only reason prices remain high, and that capacity remains unused, is because it's not being properly marketed. When people don't have choices they don't buy.

Sprint's Clue can end the current impasse over telecomm deregulation at a stroke. Once phone and cable operators understand they can make money as wholesalers, they'll be encouraging the formation of competitive ISPs, not discouraging them. The same will be true in backhauls.

Sprint's Clue provides a powerful message to the telecommunications industry. Stop worrying about trying to eat the whole pie. If you use everything you can to get as much as you can, you'll find there's plenty of pie for everyone.