The way such a deal would work would be for O&A to do a delayed simulcast with Free FM, to allow Free FM to edit portions of the show prior to broadcast. In addition, the O&A show would be expanded by 1 hour on XM, in order, to provide extra material for Free FM for those times when O&A’s XM content is unsuitable for general FM broadcast.
O&A have been hinting on the air that this rumor is true. If true, this would be awesome. O&A already, just by virtue of being on XM, have a larger audience than Stern. If they had a version of the show on FM, there would be no comparison. The fact that they’d be taking over Stern’s timeslot and former station would be especially sweet.