It would roll into the new Sprint stock symbol and the number of contracts and the strike price will be determined after 5 days of trading under the new stock symbol. It will be an aggregate of the cash ratio (cash received/current OS) and the stock exchange ratio (new shares received/current OS). The original deal values Sprint at around $20.1B or $6.70/share and so it will converge to that price as the deal completion nears. The options will be worth atleast triple today's price at that time. There is some concern if the deal will pass the legal/regulatory process and hence the $1 discount today. I fully expect the new company shares to move up briskly as the new money and spectrum is put to good use and the NetVision buildout is completed by Dec. Then they can make boat loads of profits with the unlimited data plan with iPhone and Samsung.
Today is the highest close since late 2008 but you can still buy 2015 call options on the cheap! Not sure how long it will last but I am buying as long as the discount lasts. 1K contracts and counting around 30 cents average. If the stock is $12 by Dec 2014 (using today's share structure), that is a 17 bagger (1700%). If $15, then a 27 bagger (2700%). Only catch is you gotta wait 1-2 years which is an eternity for the get rich quick traders today.