WBOS's problem isn't the format. It's the execution of the format. Here's what should change:
Drop the awful morning show; it's ruined the 92.9 brand for many loyal listeners, especially female and educated listeners.
Freshen the music. When you tune in, chances are you'll hear a burned out 90s song you don't want to hear again. Grunge doesn't work with today's alternative sound, which is not centered around hard, gloomy rock.
Play more melodic music. As writer Sean Ross has noted, alternative has shifted toward pop. Embrace that. That means attracting more female listeners (and dumping the morning show which puts them off).
The MD should be listening to how good the new Alt 92.3 sounds in NYC. Give Amy Brooks some better music to play.
Connect with the audience and make listening to the station sound essential.
Toronto and LA can support two alternative stations. Boston, with all its young adults, should have an alternative station that pulls better than a 1.6 on a full stick. Even WFNX did better than this with a lousy signal. Beasley has diminished the station since taking it over; they are incompetent.