I don't think the station needs a flip, its need a reimaging. First off, get a new airstaff, a staff with a set of pipes, get the squeaky kids off the air. Find an adult airstaff, find voices with authority.
Second, GO GOLD.....keep it alternative, but go back to when alternative rock broke into the mainstream and the so called "college rock" band of that era began gaining notice and were racking up nice album sales without radio support.
Otherwords, a type of "College Classic Rock" format if you will, only with the production and structure of a commercial radio station.
I think the Buzz conscentrating on the late 80's though late 90's....put band like Dinosaur Jr, Sonic Youth, Husker Du and other staples of the college rock format...mix in some new wave and punk from the 70's and MTV 80's. And for god sakes, when an established band like Pearl Jam releases a new album, don't play a 15 years old Pearl Jam tune and "talk" about the "new" album.....just play the new album!!!!
Also come up with better promotions. My god that whole "Meat Biniki Contest" they came up with...that was without a doubt the most offensive, dummiest promotional idea since WKRP tossed turkeys out of a hellicopter. What the hell is the point of devising a contest connnected to Lady Gaga on a station that doesn't play Lady Gaga.
In short, mature announcers, go gold, keep it alterrnative. It would appeal to a much older audience. The only people that are listening to crap like Mumford or Death Cab for Cutie are 12 year olds...and you can't make money off 12 years olds.