From The Hollywood Reporter:

Jay Leno is staying at NBC with a show at 10 p.m. weeknights. The network has signed the "Tonight Show" host to a new agreement that will allow NBC to keep him from going to a rival broadcaster without breaking the network's agreement with Conan O'Brien to take over "Tonight" next year. 

So NBC is giving Leno a showcase time slot and keeping O'Brien at a time that competes with The Colbert Report? Bad idea. 

First, if NBC wants to attract the coveted 25-54 demographic to primetime, Conan is the person to do it. Second, there's sizeable overlap between the Conan audience and Colbert Nation; this move will splinter viewership, whereas Leno attracts older, middle America types and the types of conservative viewers that Colbert parodies. Leno and Colbert would not be fighting for viewers the way Conan and Colbert will.

And thirdly, as person with a normal bedtime and one who has been desperate to see Conan in workable time slot,  I can guarantee that a 10:00pm Conan would become nightly must-see TV for me and millions of others.  Seriously, @ 10:00pm Conan would be competing with CSI reruns, cable news, and, if we're lucky, Man vs. Wild.  Could weeknights be more perfect than a two-hour block of Conan, Stewart, and Colbert and getting to bed at midnight?  Pull the trigger NBC.

And while I'm on the subject, NBC, keep Conan in New York.  Conan's show posses an overt East Coast ethos not meant for SoCal.  NYC is the epicenter of TV comedy: Colbert, Stewart, SNL, Letterman - that's Conan country. Not to mention, we'd all be robbed of brilliant crossovers like the Conan, Stewart, Colbert brawl.