-ImaginaryInsider
Member
Conan left first. NBC decided to put Leno at 11:30 (because, like you said, it would be too costly to just cancel him) and Conan's Tonight Show at 12:00 and Conan refused. Conan and NBC then agreed on a buyout and with Conan out of the fold, NBC put Leno back in the Tonight Show.
Of course Conan left first, what they offered would have destroyed both "The Tonight Show" and "Late Night". It's pretty plain to see Leno never got the legacy of Carson or Letterman, "The Tonight Show" for Jay was only ever the biggest stage he could find to tell jokes from, and it's obvious he would killed both franchises just to tell jokes again at 11:35pm.
Had Conan not stepped down Jimmy Fallon would be selling hot dogs right now.