Leno and Letterman are hardly Rhodes scholars, but they're much more intellectually well-rounded. Conan is very well-educated and bright. Kimmel is sharp and thoughtful, and I assume about as well-educated as Jon Stewart, who takes top prize as a profoundly intellect working in comedy.

And all that matters a great deal when you have to tell topical jokes and carry on interesting conversations every night. If the funniest comics made the best late night hosts, The Chris Rock show never would have gone off the air.

Fallon is a calculation aimed at getting younger viewers in front of the tube--but it's a terribly short-sighted bet. He can speak their language, sure, but he won't be able to grow with them. Rather they will outgrow him, and fast, while the next batch of fickle youngsters will want out one of their own--or someone on top of their game.

Rather than betting on Fallon, or hoping to bribe Stewart into selling out, a better investment would have been to incubate a new late night format entirely. The first network to hatch an intrepid formula that works could own late night for generations to come.

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