After studying the top wireless players and the 700 MHz spectrum auction, four business school teams determined customers will see little benefit in the next two or three years, reports InformationWeek.

Each team assumed the identity of one of the players in the auction, then conducted competitive intelligence war games overseen by competitive intelligence provider Fuld & Co.

The University of Chicago's Graduate School of Business assumed the identity of Google, Northwestern Kellogg School of Management played Intel, Harvard Business School was AT&T Mobility, and MIT Sloan School of Management became Vulcan Capital.

After predicting each company's strategy after the FCC auction wraps up, the teams decided there will be great deal-making among bidders, but the industry will be hard-pressed to build out infrastructure beneficial to consumers in the next two or three years.

The teams also concluded the "killer app" for the coveted spectrum will be ... adult content.

The Washington Post notes two things as the auction winds up:  The auction raised $20 billion, double what the FCC expected  and that the block reserved for a public-safety network likely won't meet the minimum bid.