Intel Looks Cozy with Clearwire

But many analysts believe that SprintNextel's other problems could cause it to spin off the WiMax division into an independent entity, in which Intel's capital could come in handy.

Meanwhile, a slice of wireless spectrum that's well-suited for WiMax is set to be auctioned by government regulators on Jan. 24. Among the hundreds of companies lined up to bid on the 700Mhz band of spectrum are the usual array of telecommunications firms, as well as companies like Google(GOOG - Cramer's Take - Stockpickr) and even Chevron(CVX - Cramer's Take - Stockpickr).

Intel isn't on the list of bidders, but McAdams Wright Ragen's Parakh says it could play a role in the auction by teaming up with and funding another bidder.

"From an Intel standpoint, all they want is that WiMax grows," says Parakh.

True, the auction format makes 700Mhz an extremely expensive way to get in the WiMax game. But as Current Analysis analyst Peter Jarich points out, in addition to the top-shelf nationwide 700Mhz spectrum, various regional chunks of 700Mhz spectrum will be on auction --and these will likely sell for significantly less.

A WiMax patchwork may not make for the grandest introduction, but if provides a way for Intel's wireless chips to prove their worth, it may be good enough.