Bob,
You nailed it on the head, but in GThompson's defense, if you're doing the story about the earthquake in China and 100 other sources are doing the story about the earthquake in China, why should they listen to YOU?
Sure, yes, you're far more entertaining than any other personality out there...

but for the REST of us, how do WE get people to listen to our version of the relevant story?
A long-term way obviously is by consistently providing relevant information so people are less likely to punch away in the first place... but that's a big risk.
An immediate way is to provide a local angle on the relevant event. For example, did anybody tie in the story of the China earthquake with the recent rumblings in central Oklahoma? Compare the loss of property and life to the loss of property and life in some of our worst tornadoes? Try to find anybody locally with family or friends in China to interview (especially because they might be able to get you on the phone with somebody IN China without having to pay for a reporter)?
I wouldn't think any of those three things would cost much for a station to do, perhaps some legwork and that could mean some payroll expense but hopefully it could be knocked out during a regular shift.
Rule #1 IS be entertaining, be entertaining often, be entertaining to the extreme. Rule #2 is be entertaining in a unique way, which is a tall order made much easier with a local angle.
I would also argue the most under-used resource at almost all Tulsa radio stations (and I assume stations throughout the United States) is the LISTENER. I know of six stations without even thinking about it who leaves all their phone lines on hold so listeners get a busy signal... some of them even all day, even with warm bodies in the station! I expect others do this too, I just haven't seen it with my own eyes.
Somebody needs to tell radio people, you are not the end-all be-all when it comes to good ideas. Why would you knock your head against the wall trying to figure out what to put on the air (music and content) when you can harness the power of thousands of people just by PICKING UP THE PHONE?
I'll never understand it. The listener can be eyes and ears when & where you cannot. You want to do breaking news? Teach the listener to call you when they see something. You don't have to confirm it as fact when they call in, simply put them on the air and report that this listener is reporting this or that. For an extreme example, Coast To Coast puts people on with CRAZY ideas. He never says, "what you're saying is fact," nor does he usually contradict them, but simply says, "this is what this person says." In a way, it shows a respect for the listener, to be able to sort out for themselves the fact from the BS.