I don't think you see 3.0x unless there is a huge pullback in the sector and or market overall. 3.50 is more realistic. Sprint paid down alot of debt in 08 and is moved toward the more profitable pre-paid. So things may not really be as bad as it looks today as well as outsourcing (which can turn ugly though.).
I honestly think that you may see 3.20 in a future pullback, maybe.
PS - dont trade based on what I say. I am only guessing.