Where Will Jay Go After Tonight?

Jay Leno might be losing his beloved "Tonight Show," writes the Hollywood Reporter, but the host still has a ratings punch and an enviable set of options (in decreasing order of probability):

1. Take ABC’s 11:30pm-12:30am slot, displacing Nightline and Jimmy Kimmel Live and competing with Letterman and O’Brien.
2. Launch a show on Fox at 11 or 11:30pm—Fox doesn’t currently run late-night shows, but could use Leno’s brand to push into the new territory.
3. Sony Pictures TV puts Leno’s Tonight Show into syndication, which could eventually lead to another late-night gig.

4. Stay on NBC, either on a morning or afternoon show: "We've laid out the whole menu of possibilities in different dayparts to him," says an NBC insider.
5. Take a break and come back on CBS in 2010—when Letterman’s contract expires.
6. Join Larry King as a CNN host.
7. Retire to full-time stand-up in 2010.