The emergence of the Internet-of-Things and cyber-physical systems necessitates the coordination of access to limited communication resources in an autonomous and distributed fashion. Herein, the optimal design of a wireless sensing system with n sensors communicating with a fusion center via a collision channel of limited capacity k (k < n) is considered. In particular, it is shown that the problem of minimizing the mean-squared error subject to a threshold-based strategy at the transmitters is quasi-convex. As such, low complexity, numerical optimization methods can be applied. When coordination among sensors is not possible, the performance of the optimal threshold strategy is close to that of a centralized lower bound. The loss due to decentralization is thoroughly characterized. Local communication among sensors (using a sparsely connected graph), enables the on-line learning of unknown parameters of the statistical model. These learned parameters are employed to compute the desired thresholds locally and autonomously. Consensus-based strategies are investigated and analyzed for parameter estimation. One strategy approaches the performance of the decentralized approach with fast convergence and a second strategy approaches the performance of the centralized approach, albeit with slower convergence. A hybrid scheme that combines the best of both approaches is proposed offering a fast convergence and excellent convergent performance.