A technique is disclosed that enables the adaptive pooling of M transmission paths that offer a first signal-quality guarantee, or no guarantee at all, with N transmission paths that offer a second signal-quality guarantee. Through this adaptive pooling, a telecommunications channel is created that meets the quality of service or waveform quality required for a packet stream being transmitted, while not excessively exceeding the required quality. The technique adaptively recaptures any excess signal quality from one path and uses it to boost the quality of an inferior path. A node of the illustrative embodiment selects the paths to handle a current segment of source packets, based on one or more parameters that are disclosed herein. The node adapts to changing conditions by adjusting the transmission characteristics for each successive segment of packets from the source packet stream.