With regards to the discussions about the "current" stations in the market, I think both LJO and Alans are forgetting something you should both consider:
Radio stations are no longer "one size fits all", they are not all alike. All stations in a market are NOT equal in management's eyes. There are "players" and there are "flankers". Each has a different role within a cluster situation.
CHR, for example, is the most expensive format to operate, if it's done right. But, let's look at it through the prizm of management eyeglasses. If a station only has a fairly limited signal, is it worth spending a half or three-quarters of a million dollars, or more annually to go from a 2.0 to a 3.0 in the numbers? Will the resulting advertising be worth it? Maybe...maybe not.
The A/C market in Dayton is now as fractionalized as I have ever seen it. There are now several stations (if you count the fact that WTUE is now an adult male station, though rock, they are now going largely after adults with their "oldies AOR" largely of the 60's and 70's, so they have at least one foot in that adult lane. And, even stations like WZLR, though also playing rock music, are largely playing "oldies" which I define as music that's over 20 years old.) Now add in Lite, Mix, Fly, WROU, Big and to a degree, even K-99.1 (Country is, many would say, today's "A/C" in some respects), and there's a real big traffic jam in the "lane" which leads to adult listeners.
It takes some very careful, well-thought out and researched programming and promotions to achieve the critical mass necessary to get big numbers in this environment. And every station has a limit of what can be achieved when the competition amounts to 2, 3 or more stations.
I guess what I'm trying to say here is that, while I agree with some of things you're saying, there are no easy "one size fits all" solutions for any particular station. And all stations are not alike.