I can't imagine Clear Channel taking the Bengals off 700 because of WCKY having 50,000 watts. In AM radio, for the local (groundwave) coverage, frequency is WAYYYY more important than wattage.
Try this: go to radio-locator.com and compare WCKY's 50000 watt signal (day or night pattern) to WKRC's 1000 watt nighttime signal. (The red line indicates the local coverage area, and the purple line indicates the regional coverage area.) WKRC's overall signal is comparable to or better than WCKY's, with 1/50th the power, because they are on a lower frequency and the groundwave travels way further.
Then check out 700WLW's pattern. Their low frequency combines with 50kw to blow WCKY away. The importance of frequency is why very few high-rated AM stations in the US are in the highest part of the band (the only exception I can think of is KFBK, 1530, Sacramento; another successful station, WTOP 1500 in Washington DC, dumped their 50kw AM station and moved the whole format to FM), while there are many, possibly dozens, of very successful AM stations in the 500 or 600 kHz frequency range that only have 5000 watts.
There is one significant advantage that WCKY shares with WLW: the skywave signal. This is a portion of an AM signal that bounces off the bottom ionosphere at night. At night it is possible for people in the east and the south to get extremely good reception of WCKY. (They have a directional antenna to avoid interfering with KFBK out west.) Local stations generally make money off of local ratings, so the skywave signal means very little to WCKY most of the time, but that is the reason they are paid to carry all those religious programs at night.
WCKY's daytime signal is notably better than WSAI's (local coverage to about 40 miles, vs 30 for WSAI), but WSAI's transmitter is located closer to the population center of the tri-state (near Winton Woods) so many people may not notice much difference during the day. (WCKY's nighttime signal blows WSAI's away though.)
I can imagine (but don't expect) the Bengals leaving WLW for reasons of marketing strategy or rights fees, but not due to signal.