If the term of the channel sharing arrangement (CSA) expires and the parties decide not to renew, then the the spectrum-less station would be free to form a new CSA with a new station.
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What I forgot to mention yesterday was 12 years ago was the anniversary of the DTV transition of 2009. That was when all the full power analog signals had to be turned off.
Today is the 13th. So next month on July 13, the remaining low-power and translator stations have to turn off their analog signals.
It shouldn't be any analog nothing at this point. But the FCC has made a list of about 300+ analog LP/TXs that have yet to file for a digital construction permit, and they're at risk of losing their license if they don't do so.
They have also reminded permittees of those unbuilt LP-permits to finish constructing its signals by the July 13 deadline, or ask for a waiver to file for an extension of time.