NBC confirmed yesterday that The Jay Leno Show is done.

At least at 10:00 pm EST. All signs point to Leno returning to his old 11:35 pm EST time slot after the Winter Olympics next month.

The problem for Conan O'Brien, however, is that the red-headed comic who has struggled to keep his Tonight Show ratings up, will also be moving to a new time slot - that is, of course, if he wants to remain on NBC in late night.

NBC wants Leno back in his old time slot and the peacock network is ready to effectively kill The Tonight Show's longstanding time slot to regain what traction the network once had in late night - all the while keeping Jay, Conan, and Jimmy in "the family."

“The Jay Leno Show” will end with the February 12th start Winter Olympics coverage, said NBC Universal Television Entertainment Chairman Jeff Gaspin.

Gaspin said he wants O’Brien remain on as host of The Tonight Show but now at 12:05 a.m.

Late Night with Jimmy Fallon would then air at 1:05 a.m.

“My goal is to keep Jay, Conan and Jimmy as our late-night lineup,” Gaspin said, saying that the men involved will “have the weekend to think about it” with discussions picking back up Monday morning.

Will Conan O'Brien stay will NBC despite the demotion or will he jump to a competing network? Is Jay Leno all but guaranteed to return to The Tonight Show? We could find out as early as this week.

All told, the current debacle in late night could very well rival he fiasco of 1992's power struggle to replace Johnny Carson. But this one could wind up being even uglier.