Steven Speilberg and Dreamworks are contemplating a move away from Paramount, and the speculation is flying about what that means for both Paramount and the other heavy-hitters who will undoubtedly be fishing for the biggest box office fish in the small pond.

Starting May 1st, Steven gets to start talking to other folks about buying a share in the Spielberg cultural empire, and even though no one expects a decision from Steven before the summer, the trades are speculating about what Paramount would get to keep and what would be thrown into the air should Spielberg try to jump ship.

The Hollywood Reporter deals with the nitty-gritty:

Par execs insist they will retain all rights to dozens of DreamWorks development titles even if Spielberg bolts, though others suggest that Spielberg could make it difficult to see key projects to completion. Similarly, the DreamWorks library is not in immediate jeopardy, but that’s only via a long-term licensing agreement after Par sold off actual ownership of the catalog assets to an investment group in March 2006, three months after acquiring them in the $1.6 billion acquisition of DreamWorks.

Meanwhile, DreamWorks chief Stacey Snider would be free to bolt Paramount in the event of a Spielberg exit under a “key man” provision in her contract; likewise DreamWorks chairman David Geffen, who could be key to any effort by Spielberg to create a DreamWorks II elsewhere. About 100 other DreamWorks employees working at Par would not be affected by such executive departures, but they no longer would be called DreamWorks employees.

Par didn’t acquire the DreamWorks name in its pricey December 2005 acquisition of the then 11-year-old studio. DreamWorks Animation — which wasn’t a part of the deal and remains a separate, publicly traded company — owns the DreamWorks name; its name-licensing agreement with Par would end the day Spielberg ends his stay there.

DWA’s distribution deals with Par for theatrical and home video releases runs through 2012. Only a change in the animation studio’s controlling interests would allow its early termination.

The reality of the situation is that Speilberg hasn’t had any time to realistically contemplate a move during the summer. No one expects Steven to make a public statement until after Indiana Jones and the Kingdom of the Crystal Skull bows, as it would hurt the Paramount production.

Steven has the right to terminate his contract with Paramount at the end of the year, cutting short his planned tenure that was supposed to last until 2010.

The first sign to watch for, should Steven decide to reorient himself, would be an under-the-table deal to secure more money for Spielberg and Dreamworks to stay on their feet after jumping the Paramount ship.

This has the potential to really shake things up, with the worst case scenario bringing the Paramount V. Spielberg battle to the exec offices.

As always, we’ll keep an eye on it for you.