The clip starts with Jay wrapping up his show and heading into his dressing room amid staffers badgering him about the fate of NBC's late-night staple. It then seamlessly cuts to Jimmy in his office two minutes before he's scheduled to go on receiving a call from his mentor.
"Yeah, I'll live," replies The Tonight Show host. "I've been through this before, you know. Got to admit I'm getting sick of all this."
Despite the chatter that their bosses at the peacock network plan to have Fallon take over for Leno when the latter's contract is up next year, the two reaffirm they're still friends and launch into the parody.
"Tonight, Tonight, who's gonna host Tonight / Is it gonna be Jimmy or Jay /Tonight, Tonight, where will they tape Tonight / In New York or will it stay in L.A.?" sings Jimmy.
Chimes in Jay: "Tonight, Tonight, my ratings were all right / 20 years still in first place / Tonight, Tonight, I've got Fox on the line / Or maybe I could take over for Dave."