At the morning editorial meeting, our news director sports a magazine article about Jon Stewart and the face of journalism. She noted that in the article, real journalists questioned Stewart's credentials when many others suggested he's probably the most pure journalist left.

He asks the questions nobody else will.

Sure, it's typically in the name of comedy, but he's clearly bright, definitely witty, and he's without the need to schmooze or pacify. If I'm not mistaken, the article did lean toward the notion that Stewart and his Daily Show are actually more legitimate in terms of hard news than most would give credit.

Nevertheless, some two hours later, we get word via this generation's most significant journalist (like him or hate him), Matt Drudge, that Stewart is in talks with NBC to do work.

What could that work mean?

I said this when it happened: NBC made a mistake when it promised The Tonight Show to Conan O'Brien. They made a big mistake, one that is likely to ruin the relationship between the peacock and the redhead.

Popularity on late-night cannot merely be determined by ratings. There is more of a pop-culture element to it, and while Jimmy Kimmel's ratings blow, he's clearly the fresher act these days, and Conan's audience has, frankly, grown up.

I don't think Conan would fare well as Jay Leno's replacement, and truly, even though Leno will have served as The Tonight Show host for nearly 20 years when the transition is made to whomever, his reign will have been kind of a transitional one -- between Johnny Carson and whoever the next great host is.

Even though he gets spanked in the ratings, David Letterman IS this generation's Johnny Carson -- a class act, a good interview, culturally relevant still despite the self-righteous angst of thirtysomethings who feel uncool at the sound of this proclamation.

Letterman would never go back to NBC.

So, what do you think Jon Stewart and NBC are discussing? I will lay money down that they're discussing Leno's spot, and I believe they might try to work out a deal whereby Leno leaves sooner than 2009 to get Stewart in that seat for the meat of the 2008 campaign.

Think of it. Jon Stewart interviewing Obama, Clinton, Thompson, Romney, Giuliani, asking them the tough questions you won't hear on the Big 3 cable networks.

Think of it. Somebody hosting The Tonight Show with a dry, smart-alecky, often brilliant wit.

Think of it. Jon Stewart carries much of David Letterman's spirit from the 1980s with Letterman's propensity to be serious and nice from the 2000s, frankly a potentially potent late-night specimen.

Conan should watch his back, and the other networks should stand prepared.