TMZ is reporting that while Jay Leno had a contractual guarantee for the 10pm slot, and NBC will have to renegotiate his contract for a move to 11:35, Conan O'Brien does not have any time slot guarantees in his contract as some originally suggested. Multiple sources including Reuters and The New York Times are reporting the same thing.
Conan's contract allegedly guarantees that he host a show named "The Tonight Show," but there are no guarantees about when it must air.
According to TMZ, Conan has argued that given the history of the show there is an "implied" guarantee the show would begin at 11:35.
TMZ also reports that Conan's people met with NBC on Tuesday afternoon presumably to negotiate a settlement/exit.