The other problem is that the digital receivers are not all that efficient.
The only way to make it work would be to migrate, over a period of years, to a new digital band. Some stations would probably win, and some would probably lose. But it's the best chance for survival. Analog, as a transmission method, is dying. I realize that there are millions of analog receivers out there, but a "big boy" decision has to be made here.
The AM band is so overwhelmed with noise. There are also so many lower powered stations on regional and graveyard channels that have to keep powering up just overcome the baseline noise on AM these days. Get rid of these overly engineered stations (in the NY area, there are at least 4 stations on 1300 and 1310 that are so highly directional it's ridiculous). You get 5kW stations that power up to 50kW (which looks good on your rate card), but the signal looks like a flashlight beam. Other than for big signals, AM is a waste and is antiquated.
The FM band is jammed up with move-ins and suburban rim shot signals that powered up in the 90s as a result of relaxed FCC regulations and mutual interference agreements. Then you add all of the religious translators, LPFM's, and pirates and you have a total mess.
Clean it all up. Come up with something that makes sense.