Affiliates... It wasn't how bad Conan was doing, it's how good Jay did at 11:35, and how bad the lead in to the nightly news (Jay) was doing, and not wanting to lose Jay. Conan was collateral damage, who could have stayed, starting at 12:05, but decided that it wasn't right for the show (Tonight Show), and wasn't right for Fallon.
When it comes down to it, the affiates lost money with Jay as a lead in, and if they lose money, they flip networks. NBC then loses money. Something had to be done with how bad Jay was doing in that timeslot.
__________________
|