I think you outlined the situation and what would happen pretty well.
Worst case would be having to buy a satellite radio and I would do that if it becomes the only way to listen.
XM satellite radio has a 24/7 conservative talk station. Ingram, Liddy,Hannity & others on it. If the “fairness doctrine” were enacted, others like Rush & Levine, would conceivably follow & they would probably have to expand to 2 channels.