We’re now told Conan’s contract never specified a guaranteed time period. If NBC wanted to run the show at 3:00 AM, Conan would have no recourse. We’re told Conan’s reps never even asked for a guaranteed time period when they negotiated his contract — shocking, but true.

By contrast, we’re told Jay Leno’s deal specifically guarantees his 10:00 PM time period, so the network must negotiate a new deal with him before he moves back to 11:35 PM.