They can't by law. The fcc will not approve it. They will interfere with 92.5 in Greenville, SC. It's too close, I think they will interfere with 92.9 down near Florence as well.
You have a very valid argument about the FCC but that is just more gov't that doesn't work very well sometimes. There are many stations that are near to each other that seem to make it with good coverage. I think the FCC could allow 92.7 to increase their power in a directional manner as they are nearly 100 miles from Florence and 100+ mi from Greenville. This distance should allow for at least a 5 fold increase in power directionally. Look at 95.7 & 95.5 and also 99.7 & 99.5 (approx 60 miles distance to High Pt). These are just a couple of examples of 100KW stations under 100 miles apart that are directional powerhouses. If the FCC would allow a increase in power,it could greatly improve 92.7 in the region. I understand the short spacing as 92.5 & 92.9 are not directional, but the extended distances would help compensate for that. Just a thought as 92.7 has a weak penetrating signal when outside of the University area that will always hender it's ability to attact listeners.