Part of the problem is who is left. Looking at south america, the only major group not in an alliance is GOL and they are effectively blocked because of the stake delta has in them. In Australia, the only choice is Virgin Australia who seems quite happy at the moment going the individual tie-ups route. India is full of basket case airlines at the moment, though that may eventually sort itself out. A true middle eastern airline would be great and Qatar would likely be joining if Lufthansa hadn't scared them away. Etihad doesn't seem likely given their stake in Air Berlin and Emirates is still doing their thing. Domestic Russia could also use some love. Here, it's Utair or Transaero (perhaps both if all parties involved really wanted in).