Report: Leno in, Conan out? (UPDATED)

Clearly, the solution to all of this is for Conan to bring back the Masturbating Bear.

TMZ is reporting (and the Times is adding more to that report) that, in a not-especially-surprising development, the beleaguered television network that is NBC is planning to return Jay Leno to the 11:30 pm timeslot, ending his low-rated 10 pm show. Less clear, per the TMZ report, is the fate of Conan O'Brien, whose Tonight Show has also been routinely defeated in the ratings by The Late Show With David Letterman (reversing the trend from when Leno was in that chair). As a longtime fan of his work back at 12:30, I feel really badly for Conan. But at the same time, like many Americans I, too, have not been watching his reign as Tonight Show host.

UPDATE: The Times says it's Leno at 11:30, Conan at 12:05. Maybe this will all work out, but at this moment, it doesn't really look like NBC knows what it's doing.