I think Venture/Merlin is proving Alternative in Chicago can be done well with Q87.7. Bring that back to 101.1. Throw Jazz back on 87.7. Throw WIQI FM News in the dumpster. Few times in my life have I heard something worse on the FM dial.
Want further proof? WKQX-LP 87.7 is actually playing BETTER (if you can imagine) music than WRFF in Philly. WRFF snagged a 5.0. http://www.radio-info.com/markets/philadelphia
The only thing missing from Q87.7 is entertaining personalities to go with the GREAT format they have now. Then move it to 101.1 since it has a better signal and is available on more radios, promote, and you'll do very well.