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According to Daily BullSheet:

LENO CANCELLED AT 10/NBC LATE NIGHT SCHEDULE STILL UP IN THE AIR!
NBC on Sunday confirmed the rumors about their late night schedule. The network has decided to cancel the 10 pm Jay Leno Show after some local affiliates threatened to drop it. The show will end on February 12th, coinciding with the start of NBC’s Olympic coverage. As for the future, the network is waiting to hear whether Leno and Tonight Show host Conan O’Brien accept their new plan, which calls for Leno to air at 11:35 pm starting February 28th, followed by Tonight at 12:05 am. Late Night with Jimmy Fallon will then air at 1:05. Both Conan and Leno were given the weekend to think about it. Conan reportedly has a clause in his contract that gives him a multi-million dollar payout if NBC moves the Tonight Show to 12:05. Leno’s 10 pm show will be replaced by a mix of Dateline, reality shows and at least two hours of scripted programming.

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