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Interesting thought, but the data suggest that PPM is at most a minor contributor to their decline, as 99.7's big, sustained slide from the mid-fives didn't start until a full year after the PPM's Fall 2010 Columbus debut.
97.1's strength as a Sports station, 106.7's segue back to alt rock, and CD101's move to 102.5 (and a bit of a resurgence in alt's popularity, especially in markets with a lot of younger adults) all have helped to keep The Blitz's ratings in check.
If 106.7 were still Gen-X, 99.7's ratings would be somewhat better, I suspect.
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