US$58,680,000,000 is the value of U.S. spectrum from 3.7 GHz to 4.2 GHz based on the actual prices paid in the Italian auction. I'm putting the figure out there in the hopes of inspiring the D.C. press watchdogs to learn enough to report accurately. Unless they do, far too much will be wasted in the usual lobbyist-dominated FCC process.
That figure is a good starting point. Prices in England and Korea were lower. A merger reducing the number of telcos would reduce the proceeds by billions. I know to be careful estimating auction proceeds. The last U.S. auction came in far under the estimates. The one before was far above. Technologies like Massive MIMO and carrier aggregation dramatically reduce the need for spectrum and will have an impact.
Spectrum can seem infinitely confusing but here are some of the current highlights: