Conan O’Brien’s hosting duties on the Tonight Show are officially over. The Today show reported this morning that Conan O’Brien has signed a deal for $45 million to leaving the Tonight Show.

Of that $45 million, about $12 million is reportedly being paid out for staff severance pay.

Sadly, Conan O’Brien characters, like Triumph the Insult Comic Dog, are now property of NBC.

Under the deal, Conan O’Brien cannot return to the air until September 1.

O’Brien’s manager commented: “In the end, Conan was appreciative of the steps NBC made to take care of his staff and crew, and decided to supplement the severance they were getting out of his own pocket. Now he just wants to get back on the air as quickly as possible.”