Well, we could start with what you wouldn't do. You wouldn't do music, all news, ethnic, religion or sports (and given the state of the Dodgers, whatever equity they had is gone - I'd find a way out of that deal unless they're making lots of money. With every game on TV, what's the point?) There's 180 preemptions off the schedule.
Lose the syndication. Hannity and Levin are one trick ponies, disconnected from this market and offer nothing unique. Elder is no better unless his shtick is changing (wouldn't count on it) but at least he's local. That to me is the essence of beginning some kind of comeback. Live and local, AM through PM drive and why does a talk station need to have a ideological "theme"? Change it up - progressives, conservatives, cover the spectrum - make it interesting instead of the same mind numbing drivel from show to show. That's a start.
And don't even ask about what to do with the weekends...napalm anyone?