It’s official: Conan O’Brien is leaving NBC effective with Friday night’s episode of The Tonight Show.

As I reported mere hours ago, an official announcement was expected some time today about Mr. O’Brien’s future with NBC, and it appears to have come this morning during The Today Show.  (Figures, after days of waiting for this, it happens while I’m asleep!)  While NBC itself is not commenting on the deal, apparently Conan himself will receive a buyout of $32 million, with an additional $12 million in severance going to his staff.  According to The Wrap, announcer Andy Richter and band leader Max Weinberg will negotiate their own payouts, and are not included in that $12 million.  It is also being reported that part of Conan’s money will go to his staff.

Other points of the settlement being reported include:

• Conan can start a new show as of Sept. 1st
• He will not be allowed to discuss NBC or make jokes about them until that Sept. 1st start date
• NBC will keep all intellectual property created during his 17 years with the network (i.e. NBC now owns the Masturbating Bear … good for them … like it will ever be seen again)
• This payout is final, and does not get reduced based on whatever pay he gets from another job
• His last episode will be Friday, Jan. 22nd

Jay Leno will resume hosting duties of The Tonight Show on March 1st.

Where Conan will land now is anyone’s guess.  There are rumors that both Fox and Comedy Central are interested in talking with him, but nothing is certain at this point.  There is also apparently an option for Conan to keep his current studio and offices if he rents them from NBC, but nothing is certain if Mr. O’Brien will even remain in Los Angeles at this point.

There are sure to be more details in the next few days, but for now, Conan O’Brien’s seven months as the head of The Tonight Show, and his 17 years hosting programs for NBC has come to an end.