The last episode of The Tonight Show with Conan O'Brien aired on Friday, January 22, 2010. The final show came after O'Brien settled a severance agreement with NBC, worth $45 million, on January 21, 2010.http://www.mercurynews.com/breaking-news/ci_14240153 The show's reruns will begin airing on Monday, January 25, 2010, and will air until Jay Leno takes over the Tonight Show on March 1, 2010.

On the last episode, O'Brien wheeled out a 'rare fossil skeleton' of a giant ground sloth who then sprayed Beluga caviar on a rare Picasso painting. O'Brien told the audience that despite the outrage on the Internet, his 'crazy expensive' stunts were fake. At the end of the show, Will Ferrell took the stage with his 'lady' (wife) Viveca Paulin and sang "Free Bird" while Conan O'Brien, Beck and ZZ Top’s Billy Gibbons joined the band and played guitars.

On January 20, 2010, just two nights before Conan O'Brien's last Tonight Show, he unveiled the "Bugatti Veyron Mouse," which was a $2M Bugatti decorated to look like a mouse. O'Brien joked that "until NBC yanks us off the air, we can pretty much do whatever we want and, this is the best part, we can do whatever we want and they have to pay for it." O'Brien vowed that "for the rest of the week we're going to introduce new comedy bits that aren't so funny as they are crazy expensive."http://abcnews.go.com/Business/conan-obrien-nbc-confirms-deal-speeds-nbc-show/story?id=9621682

The last Tonight Show with Conan O'Brien guests included comedian Will Ferrell, actor Tom Hanks and musical guest Neil Young. Steve Carell from The Office came on as an 'NBC employee' to do a mandatory exit interview. During Ferrell's "Free Bird" musical performance, musician Beck was on stage to play guitar with Conan.http://www.spinner.com/2010/01/21/neil-young-conan-obrien-tonight-show/ Conan's final episode was set to air on the same night as the 2-hour-long special Hope for Haiti telethon which will air on multiple channels including NBC. The telethon begins at 8:00 p.m. EST and will be broadcast live.http://www.mtv.com/news/articles/1629832/20100115/jean_wyclef.jhtml