There is a potential game changing blueprint for the telecom and data carrier industry now. This may seem far-fetched on the surface, but imagine if telecom giants such as AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ) could break up into an operating company and into a real estate investment trust (REIT). This sounds crazy and complicated, but now there is a precedent.

Windstream Holdings Inc. (NASDAQ: WIN) continues to be highly controversial and highly shorted because of its dividend constantly being higher than its earnings per share. Still, that 9.5% dividend yield is now only a part of the story. Windstream has won approval from the Internal Revenue Service to transform its business into two operations — a REIT and an operating company in communications.

So, what happens if you take this further? It is possible that Windstream’s effort could become a blueprint for unlocking shareholder value in the low-growth telecom business. Before you doubt this, recall that wireless tower operator American Tower Corp. (NYSE: AMT) has transformed its operations into a REIT structure. Its yield is still an embarrassingly low 1.5%, but this sets up its future for high dividend payouts as the wireless needs of America keep growing.

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Now consider that AT&T Inc. (NYSE: T) was up almost 4% at $37.02 in early trading on Tuesday. Its dividend yield is 5.2%. What if AT&T could deleverage some of its operations and leverage up its real estate and extensive network holdings? Verizon Communications Inc. (NYSE: VZ) was up more than 2% at $52.65 after the open, but the stock opened all the way up at $53.66, for a new 52-week high. Its yield is only 4.3%, but, as with the others, imagine if it split its operating structure up to unlock value.

Verizon is worth close to $220 billion and AT&T is worth more than $190 billion. Combined, that would be $400 billion worth of assets potentially being restructured to unlock shareholder value.

The potentiality of the Windstream restructuring becoming the norm has also boosted Level 3 Communications Inc. (NASDAQ: LVLT). Level 3 pays no dividend, but it is an extensive carrier of the nation’s communication bits and it operates internationally. It owns a significant network with hard assets, and it just beat earnings expectations. Level 3 has extensive debt of almost $8.4 billion and its Property, Plant and Equipment figure is listed at $8.35 billion as of June 30.

This move in telecom is not truly a first, but it does open the way for many other carriers to transform their structures. In many ways, this is similar to the creation of oil and gas giants creating master limited partnerships (MLPs) and other companies taking action to transform into REITs as well. Now we even have an effort whereby utilities are creating a “Yieldco” asset that is like an MLP for alternative energy operations.

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It seems hard to imagine a world where AT&T, Verizon and even Level 3 could all have alternative operating structures. Still, this is world we live in. If activist investors and/or investment bankers suddenly think a game changing effort to convert a structure into a REIT, or simply create a REIT-like asset with operating assets, can unlock significant value for shareholders, then you haven’t heard the last of this effort.

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