Some clarification . . . we do want a facelist, not a new gal. But that could take many forms. While not married to the round cornered rectangle (what I meant in post above (#1) is that I wasn't married to the round corners . . . a designer might want to see how it could look with clean, sharp corner lines).
I'd want to stay with the same aspect ratio . . . about that of a flatscreen TV, what is that? I think 16:9 or so. That same space is necessary because the logo will appear on keytags, printed forms, etc., where for some time the old and new logo will be mixed together. One could think of a lot of different ways to modernize the old logo. Obviously different fonts . . . new mike graphic . . . perhaps something in place of the corner stars (just thinking out loud here . . . $$ signs??). You could do an interesting exercise with perspective.
This is gonna require some top flight creativity--I think this assignment is far harder than designing a new logo from scratch. So I appreciate the skills and talents that go into the work. Please give it your best, everyone.