To be fair to Conan, I doubt he envisioned this sort of situation cropping up. Either way, Leno needs to take a hint and go home and play with his cars. He took like 6 years to "retire" from the Tonight Show only to move to preimetime to do the exact same show except, at that time slot, more people saw how funny he wasn't.
While Letterman gives advice for NBC
Looks like Coco is screwed.
It's just a total dick move on Leno's part.
Conan's Royal Screw Up
Cryin' O'Brien breaks news to his staff
Looks like bye-bye Coco.
Don't feel sorry for any of em, their paychecks are just stupid. But my favorite to watch is Cocco.