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1. NBC can opt to keep Leno on, by giving Conan a 40 million dollar buyout - after that, Conan could go to Fox or ABC.
2. There is already a bidding war shaping up for Leno if NBC goes through with the plan - and indications are that Leno wants to keep doing his show somewhere.
So basically either Leno stays and Conan is a free agent - or vice versa.
This was a panicked deal to keep both of them for a few more years when Conan's contract was up and he was ready to jump to Fox - and next year the piper has to be paid.
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