Cultural historians are desperately seeking a precedent to the Jay Leno-Conan O'Brien fiasco. They are looking in the wrong places. True, Pat Sajak, Chevy Chase and Joan Rivers all got axed from late-night talk shows after shockingly brief stints at the helm, but none of them got $32.5 million to take a hike. And none of them got replaced by the person they had replaced. And none of them pouted about getting canned for general incompetence while millions of their countrymen—who had not actually failed at their jobs—were unable to find work.

No,...