It's not even 8am on the west coast and I've already seen a dozen stories about how Jay Leno might follow Conan out the door at NBC.
I am not familiar enough with Popeater to have a good feel for whether they have good sources or just like to rumor monger (and hey, it's the Internet, I don't have a problem with it either way), but the story strikes me as a silly one. Plus, the whole "Jerry Seinfeld to replace Conan?" did strike me more as rumor mongering than reporting.
While it's fun to ride the wave of NBC-bashing and compare it to someone who is dating two people at the same time who doesn't wind up with either of them, it seems very unlikely to me that both Jay and Conan leave. If Jay leaves, the penalties for NBC are more expensive, but the little problem of Conan not wanting to do a 12:05am "Tonight Show" goes away.