Leno back to 11:35? What happens to Conan?

Multiple reports are circulating this morning that NBC has decided to move 'The Jay Leno Show' to the 11:35 pm timeslot after the Olympics. The show has suffered mightily in it's 10:00 timeslot and has caused huge headaches for NBC affiliates leading into their 11 pm newscasts.

Now what does this mean to 'The Tonight Show' and Conan O'Brien? He took over 'Tonight' and the 11:35 timeslot after Leno moved to 10:00. What we're hearing is that Conan has been offered a 12:05 start time for his show. “We remain committed to keeping Conan O’Brien on NBC,” the network said in a statement Thursday evening. “He is a valued part of our late-night lineup, as he has been for more than 16 years, and is one of the most respected entertainers on television.”

We're also hearing reports that O'Brien is not happy and that the network has given him the option of taking the 12:05 slot or leaving the network. If he choose to leave, presumably Leno would get a full hour at 11:35 and the 'Tonight' title back. Even though NBC has the option of blocking any other network offers to Conan, word is that they will not do so and will allow him to go. If they choose to prevent him from leaving it could end up costing them $25 Million dollars. That is what O'Brien is owed for the next two years. If Conan chooses to leave the network, most likely his release would be negotiated in such a way that he gets a lesser payout.

My guess here is that Leno eventually gets 'The Tonight Show' back and Conan moves to another network, possibly Fox. Fox has not had a weeknight late show since 'The Chevy Chase Show' in 1993. This would be their chance to make a name in late night.

There is also a possibility of Conan jumping to ABC at 11:35 for a half hour show before 'Jimmy Kimmel Live.' These changes could happen as soon as March, following the Olympics. However, given this news, O'Brien could choose to accelerate things and get out now. Why would he want to stick around in a place where he has clearly been mistreated.

NBC has also said that if Conan accepts the 12:05 slot, then 'Late Night with Jimmy Fallon' will move to 1:05.

As always, we will keep you posted. Stay Tuned!