Re: to clarify...
Rivers is overpaid. If Infinity had to choose between "Bob Rivers", "Classic Rock" or "KZOK" I think they'd shell out the most bucks for the call letters, followed by the music positioning. Rivers would be a distant third.
The morning show is an add on. I wouldn't lose a wink if Rivers bolted to Entercom after Stern steals a good slice of KISW's audience penning them to the bird.
As for "Howard Stern" I'd take him over calls and positioning. And picking an identity is cost effective as compared to investing in AM drive. That's what spooks VP's! Would retaining Rivers really mean anything more than saving face and, maybe, keeping a few thousand P1's glued to a stagnant franchise or would something new, different and (drumroll please....BOMP!) outside the market make you a hero or pariah. Rivers makes big bucks because of this.
Hey it's in the budget.