If you haven't heard, here's a quick excerpt from Wikipedia:
Jay Leno will move from his 10pm weeknight time slot to 11:35pm, due to a combination of pressure from affiliates, as well as both Leno and O'Brien's poor ratings. Leno's show would be shortened from an hour to 30 minutes. O'Brien's contract stipulates that NBC can move the show back to 12:05 a.m. without penalty (a loophole put in primarily to accommodate sports preemptions), leaving him with no apparent recourse other than resignation.
O'Brien was given no advance notice of the change, and that NBC has offered him two choices: the hour-long 12:05am time slot, or the option to leave the network. If O'Brien does choose to leave, Leno will likely regain the Tonight Show title as well as the full 11:35pm to 12:35am time slot. Another theoretical possibility is that NBC could pay O'Brien to refrain from working for another network, remain off-air, then have him resume as host once Leno retires; however, such non-compete clauses are illegal and unenforceable in both California and New York. The New York Times spoke with an anonymous FOX executive, who said that the company feels O'Brien "would be a great fit for Fox." ABC feels like there is no need to add O'Brien to their late night schedule. On the night of January 8th, though O'Brien spoke only of "rumors" during that night's broadcast of The Tonight Show, Jimmy Fallon referred to an "announcement" by NBC that the changes would occur, specifically referring to Late Night moving to 1:05am and Leno moving to the 11:30 timeslot. NBC confirmed they will be moving Jay Leno out of primetime on February 12 and move him to late-night as soon as possible.
Personally, I think Jay Leno should have stayed retired after ending The Tonight Show, instead of clamoring to stay on TV with his new show.
I watched The Jay Leno Show for a few months, but after a while it stopped being entertaining, and it became more of a chore to watch it, rather than as a way to relax.
I think whatever Conan decides will be the right decision. If he switches networks, I'll watch him there. If he doesn't, I'll watch him at the later timeslot, whatever.
So where do you losers stand in this situation?