This discussion works best if we all choose our wording carefully. There are two issues at work in this discussion and I'm not sure they belong in the same discussion, but not doing so is like trying to unscramble an egg you just cooked.
(Issue 1) Saving the AM band.
(Issue 2) Saving a particular broadcast operation that is good, is needed, and has fulfilled it task for years. A "good steward" of an A.M. station, particularly in small markets, rural areas deserves a route to some other frequency, some other band in return for years of GOOD service. (Yes, we all know a lot of A.M. stations that simply deserve to be snuffed-out. They do nothing valuable, nothing worth saving. The problem is: Who get's to make the decision who is the worthy operator and who is the unworthy operator. THAT is the task that I think the FCC does NOT want to take on.)
Allowing an existing A.M. operator to acquire an F.M. translator and then after a transition period maybe take the A.M. silent is not about saving the A.M. band. It is about saving business people who "have done the right thing" through the years for their community. And the process has to include provisions that some other entity cannot apply for that silent A.M. frequency and bring it back to that community. By the same token, a station 30, 50, 80 miles away on an adjacent A.M. frequency should have the opportunity to up their power, add night time hours, or switch to the vacant frequency, but in that new community.
Unfortunately we don't have that Biblical hero named Solomon available to decide who gets to occupy portions of the A.M. band that are taken out of service in a nearby location.
For those of you familiar with Federal farm programs in the last 40 or 50 years, think of this as a "Land Bank" program for broadcasters. Take the "field" out of production and receive a reward from the government.