To the best of my knowledge, no. The license gets revoked, but the frequency is then left open as a possible assignment space for a new application, which doesn't necessarily have to be in that same COL. Of course, the new station's spacing requirements would have to be the same unless the new owners worked out an arrangement with the other stations in the region that would be affected and the FCC approves, but otherwise, the new station has no obligation to provide first local service to the previous station's COL.