Google hasn't cemented its search deal with Yahoo just yet, but that hasn't stopped advertisers from speculating on what the agreement will mean for keyword prices. But now a software company that helps advertisers manage their search campaigns has crunched the numbers and found that a 22 percent price hike may be a very real possibility.

The study, which was produced by SearchIgnite, looked at 12 million paid clicks for 15,000 keywords. SearchIgnite found that Yahoo was typically more expensive for popular keywords when advertisers insisted on being in the top three results. By contrast, Google tended to be more expensive for ads in the fourth position and below.

That dichotomy between Google and Yahoo doesn't bode well for advertisers, according to Roger Barnette, president of SearchIgnite, who told The New York Times that a consolidation of sellers will likely mean price hikes for advertisers.

That opinion seems to tack with early reactions to the proposed deal. However, some advertisers haven't expressed concern over consolidation. Instead, many argue that a simplified buying process may actually lead to greater efficiency. 

But whether a Yahoo/Google search deal is a good thing for the industry -- or not -- may ultimately be a matter for lawmakers.

As the Senate Judiciary Committee is preparing to begin antitrust hearings on the matter tomorrow, several state attorneys general have also announced that they will investigate the deal. So far, law enforcement officials from Florida and Connecticut have said that they will probe the Google/Yahoo deal, but over the weekend The Washington Post reported that up to a dozen states may conduct their own investigations.