

Unlike digital modes with control channels and parity bits, it would be pure analog. Not impossible, but the glitches causing risk of a failed transmission are likely not worth it. If you listen to AM with squelch off, it is a swirl of signal and noise. DSPs could do some filtering, but again adding a big risk factor.
Say plane A backs off and retransmits right when plane B transmits for the first time and plane C is on a path to collide with A. C might still suffer the same fate.
There really isn’t a protocol. One can build an AM radio with a Zener diode and some common electronic parts.
Not trying to internet neg on the idea, to be clear. Just statistically, adding variables equally adds potential problems.

That’s what I said.
Nextel iDEN is a good example of a hyper low-latency digital mode that could be used, although likely a CDMA-based air-path would be a better choice as all radios can talk on the same channel at the same time without interfering.
Would be a very complex system to make durable, but remotely possible.