If NBC could blush, it would be blushing right now.

As it should. After only four months on the air, The Jay Leno Show will be canceled, NBC executives say. The reason most cited is that local affiliates are losing money, as the show’s low ratings have a domino effect on local newscasts.

The debacle began in 2004, when Leno announced he’d be leaving The Tonight Show in 2009. The decision came five years early to prevent another late-night showdown similar to that in 1992 between Leno and David Letterman, who were both vying to take Johnny Carson’s seat at the desk.

So, NBC thought it’d take the easy road by announcing — five years early — that Conan O’Brien would be Leno’s replacement.

But when the time came, NBC realized Leno wasn’t ready to retire, and other networks (like FOX) began offering a potential late-night talk show deal. NBC’s resolution was to move him to primetime five nights a week.

Now, Leno is garnering late-night ratings during primetime, which isn’t enough to pay the bills. And the fix? Tentatively, the plan is to move Leno to 11:35 p.m., O’Brien to 12:05 a.m. and Late Night host Jimmy Fallon moving to 1:05… or letting him go altogether.

Yes, Leno’s show is cheaper to produce than another Law & Order franchise or even some second-rate reality show. But the quality and interest is not matched (disclaimer: this comes from a diehard Letterman fan).

Now, NBC is blushing, realizing Leno is still relevant (I suppose). They’re facing a predicament now, possibly altering the legendary The Tonight Show to a half hour and giving back to Leno. O’Brien would inherit his old stomping grounds (which puts two NBC late-night shows in Los Angeles), but Fallon’s future would be up in the air.

The debacle would have been avoided if NBC didn’t channel Nostradamus to see the fate — five years in advance — of late-night TV. Leno should jump ship ASAP — and his crowd would follow. O’Brien and Fallon will have trouble trusting NBC from here on, and the net will be hanging its head low for the next few months.

And that’s why I choose to watch Letterman, the drama-free choice.