Lorne Michaels, creator and executive producer of “Saturday Night Live,” is heading up a star-studded extravaganza Sunday night to celebrate the show’s 40th anniversary.

With just days to go, Michaels found the time to sit down with TODAY's Matt Lauer to talk about the job’s highs, the challenges, and what it's like to hear "Live! It's Saturday Night!" nearly 800 times — and still have it put a smile on your face.

1. He's a guy who takes his funny seriously.

"I'm a serious guy," he admitted. "[Steve Martin] called me yesterday and he was going over the jokes in the monologue. ... [Y]ou can get lost in detail and then you go, 'Oh, right, that's the reason we're all here ... we're gonna make people laugh and that generally starts with you laughing [at] yourself.' And that's ... joy."

Lorne Michaels in 1978 with cast member Dan Aykroyd and guest Mick Jagger, rehearsing a skit on the "SNL" set. NBC

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2. The "SNL" environment is terrific for new talent to flourish, but it's harder in the real world.

"The weirdest part about the show is you're just here and you don't much leave the building except to go home," he said. "So when people go away or people go to Hollywood ... [I]t's a different power structure out there."

3. He gets why people claim that "SNL" was so much better back in their day.

"Generally when people talk about the best cast I think, 'Well, that's when they were in high school,'" said Michaels. "Because in high school you have the least amount of power you're ever gonna have. ... Staying up with friends later on a Saturday is great, and people attach to a cast."

Lorne Michaels, with cast members Mike Meyers, musical guest Bruce Springsteen, host Tom Hanks, and cast member Dana Carvey on set in 1992. NBC

4. Don't worry about his legacy: He's not.

"The moment you begin to first of all talk about yourself in the third person or ... worry about where your museum is going to go ... it means you're out of the game, and I love the game too much," he said. "And why would you want to leave the game if you — if you're good at it?"

Alaska Governor Sarah Palin and Lorne Michaels watch Tina Fey as Palin in 2008. NBC

5. He should definitely be around for the 45th anniversary.

"I would expect so," he said, but added: "I wanna make ... it through to the 40th right now."

The "SNL 40th Anniversary Special Red Carpet" airs on Sunday, Feb. 15 at 7 p.m. ET on NBC (hosted by the TODAY anchors); and the main anniversary event kicks off at 8 p.m. ET. Wondering who's expected to make an appearance in one form or the other? Worry no longer; here's your list:

50 Cent

Adam Sandler

Aidy Bryant

Alec Baldwin

Amy Poehler

Andy Samberg

Arcade Fire

Backstreet Boys

Beck Bennett

Betty White

Bill Hader

Bill Murray

Billy Crystal

Bobby Moynihan

Bradley Cooper

Candice Bergen

Catherine Zeta-Jones

Cecily Strong

Charlie Day

Cheri Oteri

Chevy Chase

Chris Kattan

Chris Parnell

Chris Rock

Christopher Walken

Colin Jost

Colin Quinn

Dakota Johnson

Dan Aykroyd

Dana Carvey

Darrell Hammond

David Spade

Deborah Harry

Derek Jeter

Eddie Murphy

Edward Norton

Ellen Cleghorne

Elliott Gould

Elvis Costello

Emma Stone

Fiona Apple

Fred Armisen

Garrett Morris

George Lucas

Gilbert Gottfried

Glenn Close

Governor Sarah Palin

Horatio Sanz

J.K. Simmons

Jack Nicholson

Jack White

James Franco

Jane Curtin

Jason Sudeikis

Jay Pharaoh

Jerry Seinfeld

Jim Carrey

Jimmy Fallon

Joe Piscopo

John Goodman

Johnny Knoxville

Jon Bon Jovi

Jon Lovitz

Julia Sweeney

Justin Timberlake

Kanye West

Kate McKinnon

Keith Richards

Kenan Thompson

Kerry Washington

Kevin Nealon

Kristen Wiig

Kyle Mooney

Laraine Newman

Larry David

Leslie Jones

Louis C.K.

Ludacris

Martin Short

Maya Rudolph

Mayor Rudy Giuliani

Melissa McCarthy

Michael Che

Michael Douglas

Mike Myers

Miley Cyrus

Molly Shannon

Norm Macdonald

Paul McCartney

Paul Rudd

Paul Simon

Pete Davidson

Peyton Manning

Rachel Dratch

Rob Schneider

Robert De Niro

Sarah Silverman

Sasheer Zamata

Sean Hayes

Senator Al Franken

Seth Meyers

Sigourney Weaver

Steve Martin

Steven Spielberg

Taran Killam

Taylor Swift

Tim Meadows

Tina Fey

Tom Hanks

Vanessa Bayer

Victoria Jackson

Will Ferrell

Will Forte

Zach Galifianakis

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This article was originally published Feb. 13, 2015 at 9:15 a.m. ET.