Lawrence Lessig, a prominent liberal legal scholar, wants to eliminate the Federal Communications Commission and replace it with a new "Innovation Environment Protection Agency." While I wouldn't bet on this actually happening, it could have more relevance than the average law prof's thought experiment, since Lessig has advised Obama in the past.
The proposal has been criticized by Harold Feld for being too deregulatory and by Adam Theirer for being not deregulatory enough. For my own thoughts on life without an FCC, go here and here. Or spend that Amazon gift certificate you got for Kwanzaa on this aging book.