Another option - analog FM with much less frequency deviation, say +/-15kHz with a required NR system (dBx type NR [40 to 45dB wideband]) placed in the unused FM channels in a radio market.In Kirk's proposal, the HD carrier of the 94.7 signal would drown out KCMO and the HD carrier of the 94.3 signal would drown out KFKF.
Existing FM radios would receive this new format FM signal as a lower volume FM station (stereo could be encoded as a digital L-R signal [existing FM stereo radios would play mono only, ignoring the new digital L-R signals])
So long as the FM signal format is being changed, may as well go all the way and abandon the analog L-R signal and use the newest digital techniques to encode and provide error correction for a digital L-R signal.
(would require FCC approval, but this seems like a way to add FM signals in the existing FM band without the new signals causing interference with existing FM signals and with the new signals being receivable by existing FM radios)
Kirk Bayne