Pitch to XM radio or Sirius:
A radio stations with best college/ indie station volunteer djays in the world, with an emphasis on local music. DJs from each station would be screened and each dj who passed muster would get a two hour set in which to shine. There will be highly coveted prime time (paid) residencies for the djays who hold the highest national ratings.
The reason this station will succeed is two-fold.
There are far better volunteer djays on local stations than those paid by any xm or sirius station, and much more diversity. There is a landslide of incredible and largely undiscovered music out there and when discovered by a great dj, the results are remarkable. XM (or Sirius) would quickly gain a reputation as the best "music lover" station on the air.
But there's a second even more sound reason to embark on a nation to nation local music station. The local stations emphasize local music. If there is a constant supply of djays from around the nation, then there will be a constant supply of local bands who will now have representation and power. This is a win-win. Radio station plays local bands and local bands will talk up the radio station. This will result in a grassroots cross country advertising campaign that will be constantly expanding.
To take the idea of local representation further, a smart idea would be to feature local shows and have an FM/ digital simulcast, so that, say, the KGNU listener in Boulder would hear the same thing at the same time as the XM/Sirius listener. This way not just the band, but the local station itself will be in league with the national station.