iHM needs to fix its mistake. Move hip-hop back to 105.3. Ditch the deader-than-dead Power brand. (Want to run an even crappier version of it on an HD2 just to say you're clearing some syndie junk? Have at it.)
Put Adult Contemporary, Adult Hits or Classic Rock on 96.1 depending on sales objectives.
iHM generally does an excellent job with Adult Contemporary in major markets. Putting a mass appeal format like that on a monster signal seems like the best option to me. It would pair very nicely with 94.9 for sales purposes, too.