To Chris and Amanda et al:
I have passed along your kind words to Pete. As I understand it, you shouldn't abandon hope for getting the license renewed though. Even though there are other applications in there, if they don't get their paperwork in on time or don't meet requirements etc. then you might still have a shot at WMNJ keeping the license. I think Pete said that one of the applications was withdrawn so there may be only two competing applications.
I do think that the webcast is an excellent idea as well, but don't give up the FM license unless absolutely necessary! You will regret it later I think.
I know that not having a communications major is a detriment to running the radio station but I think the bigger issue is commitment from the students...I was on WSOU while in college and I was not a communications major, there were many others who were involved who were not communications majors as well. We just loved WSOU and were totally committed to it. We treated it very seriously and produced a very good quality broadcast schedule of shows. It can be done but you've got to want to, I'm not sure I've seen that yet.