It's a done deal.

Conan O'Brien will formally relinquish the reins of The Tonight Show tomorrow in what will be his final broadcast as host of the late night institution and a franchise that has struggled in the ratings throughout O'Brien's tenure as host.

Conan O'Brien will reportedly leave with a $40 million settlement deal with NBC, including an estimated $12 million in severance to his staffers who now find themselves out of work.

Jay Leno will now return to the 11:35 p.m. EST time slot he held and mostly dominated for nearly two decades.

NBC is scant on details of the "ugly deal" that finally extricates both O'Brien and NBC from an equally ugly situation. It is believed, however, that Conan O'Brien will be allowed to return to prime time or late night television on another network as early as September of this year.

Intellectual property from Conan's days on NBC - e.g., Triumph the Insult Dog - will, unfortunately, remain at NBC.

Image via NBC