What about Jay Leno on late night television?

I agree with you that NBC's best option is to move Jay back to 11:30, then buy out Fallon so long as Conan agrees to be moved back to his old time. Given egos, however, that is easier said that done, as I doubt Conan will accept being demoted. But one never knows. One other possibility is to buy out Conan and just keep Fallon, with Jay at the 11:30 slot. Conan is not funny. At least not to any audience over 30, and I doubt most people under 30 are very committed to him. I used to like Conan when I was in college- a decade ago. But Conan's humor is just not the type of humor that goes well with the older 11:30 audiences. Most comics don't find Conan funny at all. Leno isn't a paragon of comedy either, but he is at least more respected because he really does comedic acts outside the show, and you can tell by his fairly good, on the spot delivery. I can't say it any other way: Conan is just not funny. I have no idea why NBC made such a dumb move to begin with.