Channel-aware scheduling and link adaptation (LA) methods are widely considered to be crucial for realizing high data rates in wireless networks. Multi-carrier systems that spread information bits over the entire signal band can take advantage of the frequency selective fading, and choose the sub-carrier(s) that have the best channel conditions for transmission. However, predicting the future channel states, and adjusting the transmission schedules and parameters accordingly, may consume valuable system resources, such as bandwidth, time, and power. Sub-carrier grouping, which refers to monitoring/treating a set of adjacent sub-carriers as a single unit, has been proposed to reduce the overhead associated with LA. This paper considers various models for sub-carrier grouping, each representing a different level of system complexity, and investigates the trade-offs between the sub-carrier grouping granularity and the link throughput. We first present an offline dynamic programming algor...