Sprint Nextel (NYSE:S) and Clearwire (UNKNOWN:CLWR.DL) are nearing the end of their multiple bidding wars. Figuring out what Japanese wireless vendor Softbank and all-American broadcaster DISH Network (NASDAQ:DISH) might get is tough enough, but hardly the whole story. This drama is so complicated, one of the targets (Sprint) is even bidding on the other one (Clearwire).

The boards of both Sprint and Clearwire have picked their respective poisons, and they're largely backed by independent shareholder-rights groups. So what's the final verdict?

In the following video, Fool contributor Anders Bylund presents the current lay of the land, and why this is a pretty good deal for everyone involved. Spoiler alert: Nobody walks home empty-handed.