Without reading this article, let me just say I think streaming is becoming a very viable way for college stations to operate - regardless of whether they can afford a broadcast license.
I recently (finally!) got a smart phone with the internet on it. I got the "tune in" streaming radio app and was pleasantly surprised to find two local college stations streaming on there that do not have broadcast facilities. They sound great.
It occured to me that a lot (vast majority?) of college kids these days don't listen to FM or radio at all, but do listen to music on their smart phones. My guess is that it would not be hard to get a college station on an app like that and market it to college kids. It's portable, live and sounds great. What more could you ask for on a small budget?