UPDATE: TMZ claims O’Brien has a choice—take the later slot or leave the network.

“Hey, Kev—what does NBC stand for? Never Believe your Contract.”

Although he’s at the center of possible new shakeup at his network, Jay Leno used the opportunity to crack a few jokes about the awkward situation tonight.

Will the The Jay Leno Show be canceled as rumored? Possibly. But there’s an entirely different scenario that seems far more likely.

According to the New York Times, NBC will do its best to keep both Jay and its current Tonight Show host, Conan O’Brien. Insiders claim Leno may front a half-hour version of his program at 11:35 PM, meaning O’Brien would begin at 12:05 AM. (Late Night with Jimmy Fallon would then follow at 1:05 AM.)

Any changes would likely take place after Feb. 28, when the Winter Olympics end.

Whatever the execs ultimately decide, NBC assures us they want to keep Conan around. “We have the best comedy team in the business. We remain committed to keeping Conan O’Brien on NBC,” the network said in a statement. “He is a valued part of our late-night line-up, as he has been for more than 16 years and is one of the most respected entertainers on television.”