BREAKING NEWS! EXCLUSIVE! 10TH UPDATE, FRIDAY 5:15 PM: A settlement of NBC vs Conan is close but not yet signed. "There are still issues to be worked out," an insider reports back to me. This follows all-day negotiations between NBC and its attorneys, and Team Conan and their manager-agency-lawyer reps. "There've been some very intense conversations". All are under confidentiality agreements. So to what extent did NBC blink? Remember that all week, as I've been reporting, NBCU chief Jeff Zucker stuck to an extreme position that threatened to hold Conan to his contract and keep him off the air for 3 1/2 years and not pay him a penny of that $60M penalty fee if O'Brien doesn't host The Tonight Show as the network promised. Instead of a prolonged and ugly battle, NBC has given in to Team Conan who've insisted their guy exits only with a lot of cash and freedom. How much cash? "Zucker's NBC spin puts it at $25 million. But it's a lot closer to $40 million than $25 million," my insider says. "And Conan was adamant that NBC take care of the people close to him -- [executive producer] Jeff Ross and the staff who moved out to Los Angeles." According to the pact, Conan leaves The Tonight Show on January 22nd, and The Jay Leno Show ends its 10 PM primetime run on February 12th when NBC starts its coverage of the Vancouver Winter Olympics through February 28th. That Monday, Leno commences his Tonight Show do-over. Conan, meanwhile, is free to go anywhere and compete with Jay. This is that Ron Meyer-negotiated deal (which I first reported yesterday at 3 PM). The Universal Studios president/COO was asked to step in secretly by WME agents Ari Emanuel when Team Conan and NBC were so far apart they weren't even on speaking terms. "They [NBC Universal] were lucky to have Ron." I'm told the deal might close as soon as Saturday. And NBC's PR nightmare will be over.