Shuter: "NBC is up Leno's a**. If this man wants a cheese plate in ten minutes, it'll be in his dressing room. This guy can be a bigger diva than J-Lo for the next ten years. They have to keep him. They have no safety net."
Adler: "What else is he going to do, drive automobiles? The reality of it is that he does stand-up comedy. He sits behind a desk and interviews people. If he doesn't do it with NBC, he'll do with someone else."
Bottom line: Leno will bounce back. So will O'Brien, though Shuter wonders if he'll take a break from TV for a while after all of NBC's nastiness.
And finally, it's not #TeamConan or #TeamLeno. If you really care about late-night comedy, tweet #TeamTalent. O'Brien and Leno could both use your support.
ABC News research associate Melissa Lenderman contributed to this report.