Still, given Ergen's streak for innovation and disruption of seemingly high-barrier industries, there are some who would want to support his ambition. Piecyk noted the wireless spectrum Dish brings to a potential deal, in addition to a new nationwide content service that could bolster the growth of streaming services such as Netflix ( NFLX) and HBO Go.

"Ergen could deliver an integrated package that actually benefits from the content usage of that customer. The industry should fear Ergen more than Softbank and we think he can attract a cash equity partner," wrote Piecyk.

Given NTT DoCoMo's competition with SoftBank and its cash stockpile, DirecTV's prospective competitive disadvantage and AT&T's attempts to bolster its wireless service, Piecyk highlighted all three companies as potential partners.

Apple or Google, which is in the midst of a fiber product launch, could also bankroll Dish's wireless ambition, according to Piecyk's analysis.

Piecyk of BTIG isn't the first to see Dish's well-telegraphed efforts to enter the wireless market as possibly attracting strategic partners.

In August, TheStreet highlighted Dish Network as a strong if unconventional candidate for the so-called elephant M&A guns of Warren Buffett-run Berkshire Hathaway ( BRK.A).

-- Written by Antoine Gara in New York.

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