Well, NBC confirmed Conan's release today and he will be free to pursue other opportunities after September 10th. Leno makes his return to the Tonight Show on March 1st.
http://www.cnn.com/2010/SHOWBIZ/TV/0...eal/index.html
Sad to see it end like this for Conan.
Edit: It seems that him and his team got a $45 million settlement.