With Apple's iPhone event happening in just a few short hours (1 PM EST, 10 AM PST), reports and rumors are rife on the tech blogs. The most prominent this morning comes from the Wall Street Journal, which reports that number-three wireless carrier Sprint will be "betting the company" on the newest iPhone:

Sprint has committed to buy at least 30.5 million iPhones, even though it would likely lose money on the deal until 2014, according to people familiar with the matter.

Following up and building on this report is tech blog BGR, which also claims to have insider information about today's announcement from Apple—and if true, it's huge. :

I have been told that Sprint will be getting the iPhone 5 — yes the real iPhone 5, not the iPhone 4S — as an exclusive. And it will be a 4G WiMAX device. AT&T and Verizon would launch the iPhone 4S and get the iPhone 5 some time in the first quarter of next year as an LTE device. Globally, the iPhone 5 might be available as a 4G HSPA+ device.

A Sprint exclusive on the newest iPhone? The odds seem long on that one. We'll all find out soon enough: Check back here as the Apple event commences for news, updates, and analysis.