The most historically congruent approach is to apply the principles of homesteading and private property rights, and allow courts to develop a common law framework for resolving disputes. Courts were beginning to do this successfully in the 1920s until the FCC was foisted upon us, with the effect of nationalizing the radio spectrum.

In practice today, this approach would mean privatizing the entire spectrum and allowing market forces to work, just as they do with all other forms of private property.

You can read Declan McCullagh's informed analysis of the modern harms the FCC causes and his detailed rationale for a property-based market approach here:

http://www.news.com/2010-1028-5226979.html ('Why the FCC should die')

To better understand the importance of homesteading and property rights from a 'first-principles' analysis, I would recommend Murray Rothbard's _The Ethics of Liberty_, which you can freely read or download here:

http://mises.org/rothbard/Ethics/Ethics.asp

In Rothbard's _For a New Liberty_, he addresses specifically the origins of the FCC and how the market approach was thwarted and replaced with bureaucracy:

http://blog.mises.org/archives/002532.asp

http://www.mises.org/rothbard/newliberty.asp

http://mises.org/rothbard/foranewlb.pdf

An alternative approach is to treat the radio spectrum as a non-scarce good (like air), which perhaps is not that far from the truth in light of modern radio technology. Under this view, radio spectrum need not and should not receive recognition as property, nor should it be 'managed', regulated, or conserved by government.