Tonight, David Letterman is celebrating 20 years on CBS in part with Bill Murray, who was Letterman's first ever guest. Exciting right? What kind of insanity will Murray get up to? You'll never guess! Murray is so unpredictable! 

Hold on. Nevermind. CBS just blew it by posting Murray's big entrance with photos and video of the event on its website. 

Surprise!

Murray will show up dressed as Liberace retrieving a time capsule to give to Letterman. 

Check out Murray's grand entrance along with photos below:

Here's Murray getting the time capsule ...

... and presenting it to Dave.

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Last night, David Letterman celebrated 20 years as the host of "The Late Show"with a visit from his first-ever guest, Bill Murray. 

More than anything, Letterman's late-night show is known for its Top 10 lists. In honor of 20 years of Letterman, we decided to pull together our own Top Ten list of Letterman's Top Ten lists.

To compile the ranked list, we took into consideration top-viewed lists from YouTube and talked-about lists across the Internet. We also looked at prior anniversary lists from Letterman himself.

We also turned to CBS' archives of top 10 lists dating back to mid-2000. Not all of our selections have video.

Without further ado, these are the lists that had us laughing the hardest:

10. Top Ten Reasons I'm glad to be named Justin Bieber 

Air date: November 3, 2010

A man from Jacksonville, Florida named Justin Bieber came on the "" show to present. 

9. Top Ten Things I Have Learned Working For "The Late Show"

Air date: August 28, 2003

10. "Most of audience -- prison inmates"
(Line Producer, Kathy Mavrikakis)

9. "That moron couldn't remember his name if it wasn't on cue cards"
(Cue Cards, Tony Mendez)

8. "I have utterly and completely wasted my life"
(Associate Producer, Nancy Agostini)

7. "Jennifer Lopez is a hellcat in bed"
(Film Coordinator, Rick Scheckman)

6. "The hours may be long, but the money sucks"
(Make Up Artist, Michele O'Callaghan)

5. "We really are a family, and Dave is the crazy uncle everyone is hoping will be put in a home"
(Writer, Gerard Mulligan)

4. "You don't need good looks or talent to get your own show"
(Stage Manager, Biff Henderson)

3. "When Regis calls, Dave's in a meeting"
(Executive Assistant to David Letterman, Laurie Diamond)

2. "All kidding aside, Dave really is an ass****"
(Executive Producer, Jude Brennan)

1. "It's much easier if I just tell people I work for Leno"
(Musical Director, Paul Shaffer)

8. Ricky Gervais shares the Top Ten Stupid Things Americans Say To Brits

Air date: November 3, 2008 

"Do you know the Queen?"

7. Robert De Niro and Al Pacino's Top Ten Reasons I Like Being An Actor

Air date: September 2008

6. Top Ten Ways The Show Has Changed Since 1993.

Air date: August 28, 2009

10. Now do the bulk of my drinking after the show

9. People used to pretend to like me. Now they pretend to tolerate me

8. Global warming has raised theater temperature to 38 degrees

7. I lost 280 pounds with Deal-a-Meal

6. Crazy lady we used to piss off: Madonna. Now crazy lady we piss off: Sarah Palin

5. Audience is here to see if I drop dead on stage

4. Dwindling amount of hate mail; burgeoning amount of hate e-mail

3. Every ten minutes someone is dropping a flashlight

2. Used to talk with sexiest women in the world. Now I interview Artie Lange

1. Emmy Awards replaced with Fire Dave rallies

5. Top Ten President Obama Excuses

Air date: October 5, 2012

4. Top Ten Things Never Before Said on "The Sopranos" as presented by the cast.

Air date: n/a

"You don't have the money? That's cool."

3. Barack Obama delivers his Top Ten Campaign Promises

Air date: January 2008

2. Top Ten List of Top 10 Favorite California Names

Air date: May 7, 1996

To present this, Letterman had the actual California residents read off their name and show their licenses to prove it. This is great because as the names get worse and worse, Letterman's crew continues to cut to a woman in the audience clearly bothered by the vulgarities. 

1. Top 10 George Bush Moments

Air date: n/a

SEE ALSO: Bill Murray's Liberace entrance on "Letterman"

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Tom Hanks was promoting his latest film "Captain Phillips" on the "Late Show With David Letterman" Monday, when the 57-year-old actor revealed he has Type 2 Diabetes.

"I went to the doctor and he said, 'you know those high blood pressure levels you've been dealing with since you were 36? Well you've graduated, you've got Type 2 Diabetes, young man," Hanks opened up to Letterman.

Symptoms of the disease initially began in 1992 when Hanks packed on 30 pounds to play a baseball coach in "A League of Their Own."

In 2000, he dropped from 225 pounds to 170 pounds to play a man stranded on a desert island in "Castaway."

Hanks told Letterman, "My doctor said, 'Look, if you can weigh as much as you weighed in high school, you will essentially be completely healthy. You will not have Type 2 diabetes.' And then I said to her, 'Well, then, I'm gonna have Type 2 diabetes because there is no way I can weigh as much as I did in high school.'

Hanks jokingly told Letterman that he weighed just 96 pounds in high school.

CBS medical contributor Dr. Holly Phillips explained on "CBS This Morning," "In dramatic weight gain or dramatic weight loss, the equilibrium of the body is just completely off. So that may predispose him to developing Type 2 Diabetes later."

Watch the "CBS This Morning" report on Hanks' diagnosis, including his comments to Letterman, below.

Tom Hanks gained 30 pounds to play coach Jimmy Dugan in 1992's "A League Of Their Own":

He went from 225 pounds to 170 pounds in 2000 for "Castaway":

SEE ALSO: DAY IN THE LIFE: How Bobby Holland Hanton Stays In Shape As A Stunt Double For Chris Hemsworth And Daniel Craig

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Toronto "Crack Mayor" Rob Ford has become a media favorite for his lack of filter around the press.

David Letterman is the latest to spoof Ford's now infamous initial apology after being accused of doing crack. 

On Thursday’s “Late Show,” Letterman had Jennifer Lawrence, Jonah Hill, Vince Vaughn, Jesse Tyler Ferguson, and even Martha Stewart read Ford’s epic apology aloud. Watch below:

SEE ALSO: Jimmy Kimmel Put Together An Incredible Compilation Reel Of 'Crack Mayor' Rob Ford TV Clips

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Jimmy Fallon's colleagues David Letterman, Jimmy Kimmel, Conan O'Brien, Craig Ferguson, and Seth Meyers were among the 11.3 million viewers who tuned in to watch Fallon take the reigns as host of "The Tonight Show" on Monday.

But Fallon's competition was fairly friendly when it came to their well-wishes and critiques of the premiere episode.

Jay Leno:

Prior to Monday's debut, Leno said of his "Tonight Show" successor: "I think he's probably the closest to Johnny [Carson] of anybody else in late night. When I watch him do, you know, a duet with Justin Timberlake or something of that nature I go, 'Well, I can't do that. I mean, I write jokes.'"

David Letterman:

During Monday's "Late Show" monologue, Letterman acknowledged the absence of his longtime late night rival, Jay Leno, by joking, "First thing this morning, I get a call from my mom. She says 'David, did something happen to Jay?' What am I gonna do?"

Letterman expressed his respect for Leno earlier this month when he said, "He was a host on 'The Tonight Show' for 22 years and now retiring. Congratulations on a wonderful run."

Craig Ferguson:

The CBS "Late Late Show" host joked during Monday's President's Day monologue that the former presidents live together in a clubhouse — as do all of the late-night hosts.

"I haven't seen Leno recently, though," Ferguson continued. "Although, one of his cars is still in the driveway, so maybe he's coming back."

When later discussing Bob Costas' return to host NBC's Olympics coverage, Ferguson joked, "I'm surprised NBC let him back. Usually when they replace a host, they stick with their decision" — referring to the Conan-Leno "Tonight Show"conflict of 2010.

Conan O'Brien:

As the only man alive who’s hosted The Tonight Show & Late Night, I want to congratulate @JimmyFallon& @SethMeyers. They’ll both do great!

— Conan O'Brien (@ConanOBrien) February 17, 2014

Seth Meyers:

Don't forget, @FallonTonight starts tonight!

— Seth Meyers (@sethmeyers) February 17, 2014

 Seth Meyers and Conan O'Brien:

Jimmy Kimmel:

congratulations @jimmyfallon - I look forward to doing this side-by-side until our suits look funny and our hair turns white #FalPals

— Jimmy Kimmel (@jimmykimmel) February 17, 2014

Daytime TV personalities weighed in:

Sending love to @JimmyFallon tonight! You don't need luck -- you've got talent. And @U2. I'll be watching. #FallonTonight

— Ellen DeGeneres (@TheEllenShow) February 17, 2014

It's CRAZY how easy they all make it look! Ok goodnight all and good luck @jimmyfallon I will watch you Mañana! Xo

— Katie Couric (@katiecouric) February 18, 2014

Congrats to @jimmyfallon and his staff for a flawless premier of @FallonTonightpic.twitter.com/cp6keB564f

— Al Roker (@alroker) February 18, 2014

There were celebrity fans:

@FallonTonight people!! That is all.

— Justin Timberlake (@jtimberlake) February 17, 2014

I simply can not host everything. Thank you @jimmyfallon for taking The Tonight Show off my plate!!! #tonight#nbc#laughmyassoff

— Hugh Jackman (@RealHughJackman) February 17, 2014

@jimmyfallon crushed it. #TonightShow#niceguysfinishfirstpic.twitter.com/0rCyxdDgpv

— James Van Der Beek (@vanderjames) February 18, 2014

And only a few haters:

Just me or does the new Tonight Show set seem tiny and the set dec cheap looking?

— Shawn Ryan (@ShawnRyanTV) February 18, 2014

SEE ALSO: Tina Fey, Kim Kardashian, Lady Gaga, Stephen Colbert, And More Surprise Jimmy Fallon On 'Tonight Show' Debut

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Stephen Colbert is the only host in late night TV who plays a character. On “The Colbert Report,” he's a self-absorbed, closed-minded caricature of a jingoistic talk show host, who is supposed to be anything but endearing.

But Americans embrace him anyway. Colbert is the most-liked late night talk show host, according to data that the Q Scores company provided to TheWrap.  The leader of Colbert Nation and host of Comedy Central's “Colbert Report” has the highest Positive Q Score in late night: a 20.

Also read: The Most and Least Liked Morning TV Hosts — From Robin Roberts to Kathie Lee Gifford

Perhaps the old adage, “Just be yourself,” is not valid after 11 p.m.

To create Q Scores, executive vice president Henry Schafer and his team provides a celebrity's name and a brief description to more than 1,800 viewers. The viewers are asked if they recognize the person, and how they feel about him or her. The average Positive Q Score for a celebrity is 15.

See photos: 14 Late Night TV Hosts Ranked by Popularity

The company's numbers for late night include adults surveyed from mid-January to early February 2014, prior to Jimmy Fallon taking on “The Tonight Show” and Seth Meyers taking over “Late Night.”

No. 2 in popularity is Colbert's fellow “Daily Show” alum, John Oliver. He has a strong 18 Positive Q Score, which he will take to his new weekly HBO series, “Last Week Tonight.” Oliver's acclaimed summer guest-hosting stint on “The Daily Show” must have been fresh in viewers’ minds.

Colbert's and Oliver's mentor, Jon Stewart, comes in third in popularity with a 16 Q Score, the same as new “Late Night” host Seth Meyers. But Stewart has higher recognition. Meyers was best known at the time of the survey for his more than 12 years on “Saturday Night Live.”

Also read: The Most and Least Liked Daytime TV Hosts – From Ellen to Wendy Williams

After Meyers, Jay Leno had a Positive Q Score of 15. Leno's was the most-famous name on the list, with 81 percent recognition.

Next up was Andy Cohen of “Watch What Happens Live.” Cohen is not highly recognizable, but he is fairly well received with a 14 Positive Q Score. Fallon, who was transitioning from the 12:35 a.m. time slot to 11:35 p.m. at the time of this survey, has a 13 Q Score.

See photos: 16 ‘GMA,’ ‘Today,’ and ‘CBS This Morning’ Personalities Ranked by Popularity

But Fallon is scoring well in “Tonight” ratings, so don't be surprised if his score goes up.

At the bottom of our rankings is Arsenio Hall, who has an 8. Carson Daly has a 9. Daly was also covered in our Morning Show Personalities Q Score rankings.

Leno's old rival, David Letterman, scored a 9.

See photos: 26 Daytime Talk Show Personalities Ranked by Popularity

Here are the rankings from all adults surveyed, in order of Positive Q Score:

New, successful competition in the late night TV landscape is forcing networks and cable channels to adapt a more hip tone in an effort to reach a growing younger demographic. Jimmy Fallon's “Late Night” and “Tonight Show” viral video run, as well as Kimmel's online presence has set the table for the new age of post-11 p.m. television.

On our second chart, Conan O'Brien makes a nice run towards the top, but cannot unseat Colbert. Likewise, Hall stays in the basement, despite picking up an additional point.

Here is how the youthful, often early-adopting and trend-setting 18-34 demographic ranked the late night hosts, in order of Positive Q Score:

SEE ALSO: The Most And Least Liked Morning TV Hosts, Ranked

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David Letterman announced during the Thursday taping of his "Late Show" that he will be retiring in 2015.

R.E.M. bassist Mike Mills, who is performing on tonight's show, broke the news on Twitter.

Dave just announced his retirement #2015 #muchlovedave

— Mike Mills (@m_millsey) April 3, 2014

Letterman, 66, has been a fixture on late-night television since the 1982 debut of "Late Night With David Letterman" on NBC. 

When Jay Leno took Johnny Carson's "Tonight Show" host spot after he retired in 1992, Letterman left NBC for CBS' "Late Show."

From then on, it was a constant ratings battle between Letterman and Leno, ending just this February when Leno retired.

Letterman is the longest-serving late-night host in TV history. Last year he surpassed Carson at the 31-year mark. Leno had a solid 22-year run.

Craig Ferguson now reportedly has right of first refusal for a post-Letterman "Late Night" in his contract.

Here's how The New York Times' Bill Carter described it:

[Ferguson's] previous contracts with CBS have included what amounts to a "Prince of Wales" clause, giving Mr. Ferguson the right to inherit the late-night show in the 11:35 p.m. time period should Mr. Letterman decide to leave. (Those clauses have never been ironclad, however, because a network can choose to pay off the deal rather than complete the succession, as Mr. Letterman learned when Mr. Leno was chosen to succeed Mr. Carson in 1992.)

"Ferguson's CBS contract also expires in 2015, so if CBS opts to buy him out instead of giving him the prestigious 'Late Show,' he could end up leaving the network altogether, leaving the network's 12:35 slot vacant, as well,"reports Splisider.

But Nikki Finke tweeted that her sources say Stephen Colbert is "the only one on the air currently that CBS is considering."

Leslie Moonves, president and CEO of CBS, released the following statement:

“When Dave decided on a one-year extension for his most recent contract, we knew this day was getting closer, but that doesn’t make the moment any less poignant for us. For 21 years, David Letterman has graced our Network’s air in late night with wit, gravitas and brilliance unique in the history of our medium. During that time, Dave has given television audiences thousands of hours of comedic entertainment, the sharpest interviews in late night, and brilliant moments of candor and perspective around national events. He’s also managed to keep many celebrities, politicians and executives on their toes – including me. There is only one David Letterman. His greatness will always be remembered here, and he will certainly sit among the pantheon of this business. On a personal note, it’s been a privilege to get to know Dave and to enjoy a terrific relationship. It’s going to be tough to say goodbye. Fortunately, we won’t have to do that for another year or so. Until then, we look forward to celebrating Dave’s remarkable show and incredible talents.”

Watch Letterman announce his retirement on Thursday's show.

 And so the countdown begins. 

SEE ALSO: The Most And Least Liked Late Night TV Hosts, Ranked

WATCH NOW: The Truth About 'The Most Interesting Man In The World'

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David Letterman, 66, announced during a taping of his show tonight that he would be retiring in 2015. 

If you've been watching Letterman only since the late '90s, then you probably don't understand why people are freaking out about his resignation. 

By the late '90s, Letterman was mostly just another late-night host running through jokes and interviewing celebrities. 

But before that, in the early '80s, he was one of the most innovative, hilarious people on television. His influence extended beyond his show and inspired a number of comics and talk-show hosts.

"David Letterman is the best that there is and ever was,"tweeted Jimmy Kimmel after hearing about Letterman's retirement. He retweeted someone's response to his sentiment: "Dave Letterman would tell you Johnny was the best, but he'd be wrong. Dave changed late night."

Letterman broke into public consciousness not with the "Late Show"— the CBS show he hosts today — but with "Late Night With David Letterman," which aired after "The Tonight Show With Johnny Carson," from 1982 to 1993.

The writers and producers reveled in creating a completely absurd, silly show that was poles apart from the more conventional class and humor of Carson's "Tonight Show."

This blurb from People magazine in 1984 captures the brilliance of Letterman:

He is America's No. 1 smartass. He is also, by far, the most inventive man on TV today. Letterman is a talk show host without fear. He flirts with the boundaries of politeness and humor; he'll try anything once. Like Carson (but unlike Thicke), he knows what to do when a joke bombs—and bomb they do, for that is the price of experimentation. Once, to apologize for a groaner, Letterman paid everyone in the audience $1. He's had a steamroller flatten watermelons and six-packs of beer, just for the heck of it. He's staged man-hunting duels between a Russian psychic and bloodhounds (the Russian won). He's worn a Velcro suit and thrown himself against a wall to see whether he'd stick (he did). He's had as guests a woman who costumes birds, a man who collects snowballs, a woman who collects strange nuts. He gleefully lets people make fools of themselves, and it's wonderful to watch. For as cynical and near nasty as he can be, Letterman is still one of the more likable and most entertaining people on TV.

When Letterman moved from 12:30 to 11:30 at CBS, he dialed back the weirdness, but was still successful. He was still funny, just not as crazy. 

Hopefully in this, his final year, he'll crank up the subversive, weird stuff that made David Letterman David Letterman. 

To give you a sense of the friendly-but-in-your-face weirdness the show thrived on, here's Chris Elliott appearing as "The Guy Under The Seats."

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David Letterman is retiring from "The Late Show" in 2015.

After starting on NBC's "Late Night," Letterman's first "Late Show" appearance on CBS was August 30, 1993. 

Ahead of his debut, Letterman appeared on local St. Louis network KMOV asking fans to tune in to his first show.

Check out the video below:

SEE ALSO: David Letterman retiring in 2015

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David Letterman announced his retirement Thursday from the "Late Show" after 31-years on the air.

In what started off like a typical show, Letterman quickly switched gears and explained, "I phoned Leslie Moonves — the man who owns this network — just before the program and I said, 'Leslie, it's been great, you've been great, the network has been great, but I'm retiring.'"

"You actually did this?" asked Paul Shaffer, Letterman's band leader and sidekick since 1982.

"Yes I did," confirmed the 66-year-old late night host. "So, I just wanted to reiterate my thanks for the support from the network, all of the people who have worked here, all of the people in the theater, all of the people on the staff, everybody at home — thank you very much."

In his typical humor, Letterman later joked, "What this means now is that Paul and I can be married."

"We don't have the timing of this precisely down," Letterman admitted, but did say, "I think it will be at least a year or so, but sometime in the not too distant future — 2015, for the love of god, Paul and I will be, in fact, wrapping things up and taking a hike."

Watch the announcement below:

It ended with the live audience giving Letterman a standing ovation:

CBS' Leslie Moonves later released a statement on Letterman's retirement:

“When Dave decided on a one-year extension for his most recent contract, we knew this day was getting closer, but that doesn’t make the moment any less poignant for us. For 21 years, David Letterman has graced our Network’s air in late night with wit, gravitas and brilliance unique in the history of our medium. 

During that time, Dave has given television audiences thousands of hours of comedic entertainment, the sharpest interviews in late night, and brilliant moments of candor and perspective around national events. He’s also managed to keep many celebrities, politicians and executives on their toes – including me. There is only one David Letterman. His greatness will always be remembered here, and he will certainly sit among the pantheon of this business.

On a personal note, it’s been a privilege to get to know Dave and to enjoy a terrific relationship. It’s going to be tough to say goodbye. Fortunately, we won’t have to do that for another year or so. Until then, we look forward to celebrating Dave’s remarkable show and incredible talents.”

SEE ALSO: David Letterman Announces He Will Retire In 2015

MORE: Watch David Letterman Ask Fans To Tune In To His First-Ever 'Late Show' In 1993

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David Letterman will announce his retirement from "The Late Show" after 20 years on tonight's taped episode.

Perhaps Letterman's greatest late-night show legacy is his nightly Top 10 lists. In honor of his departure come 2015, we've rounded up the Top 10 Letterman Top 10 lists.

To compile the ranked list, we took into consideration top-viewed lists from YouTube and talked-about lists across the Internet. We also looked at prior anniversary lists from Letterman himself.

We also turned to CBS' archives of top 10 lists dating back to 2001. Not all of our selections have video.

Without further ado, these are the lists that had us laughing the hardest:

10. Top Ten Reasons I'm glad to be named Justin Bieber 

Air date: November 3, 2010

A man from Jacksonville, Florida named Justin Bieber came on the show to present. 

9. Top Ten Things I Have Learned Working For "The Late Show"

Air date: August 28, 2003

10. "Most of audience -- prison inmates"
(Line Producer, Kathy Mavrikakis)

9. "That moron couldn't remember his name if it wasn't on cue cards"
(Cue Cards, Tony Mendez)

8. "I have utterly and completely wasted my life"
(Associate Producer, Nancy Agostini)

7. "Jennifer Lopez is a hellcat in bed"
(Film Coordinator, Rick Scheckman)

6. "The hours may be long, but the money sucks"
(Make Up Artist, Michele O'Callaghan)

5. "We really are a family, and Dave is the crazy uncle everyone is hoping will be put in a home"
(Writer, Gerard Mulligan)

4. "You don't need good looks or talent to get your own show"
(Stage Manager, Biff Henderson)

3. "When Regis calls, Dave's in a meeting"
(Executive Assistant to David Letterman, Laurie Diamond)

2. "All kidding aside, Dave really is an ass****"
(Executive Producer, Jude Brennan)

1. "It's much easier if I just tell people I work for Leno"
(Musical Director, Paul Shaffer)

8. Ricky Gervais shares the Top Ten Stupid Things Americans Say To Brits

Air date: November 3, 2008 

"Do you know the Queen?"

7. Robert De Niro and Al Pacino's Top Ten Reasons I Like Being An Actor

Air date: September 2008

6. Top Ten Ways The Show Has Changed Since 1993.

Air date: August 28, 2009

10. Now do the bulk of my drinking after the show

9. People used to pretend to like me. Now they pretend to tolerate me

8. Global warming has raised theater temperature to 38 degrees

7. I lost 280 pounds with Deal-a-Meal

6. Crazy lady we used to piss off: Madonna. Now crazy lady we piss off: Sarah Palin

5. Audience is here to see if I drop dead on stage

4. Dwindling amount of hate mail; burgeoning amount of hate e-mail

3. Every ten minutes someone is dropping a flashlight

2. Used to talk with sexiest women in the world. Now I interview Artie Lange

1. Emmy Awards replaced with Fire Dave rallies

5. Top Ten President Obama Excuses

Air date: October 4, 2012

10. "I haven't slept an hour since 2008"

9. "Romney's hair is mesmerizing"

8. "Didn't want to wake Jim Lehrer"

7. "Haven't been the same since I quit smoking"

6. "Honestly, I thought the debate was next week"

5. "I live with my mother-in-law, what do you want from me?"

4. "Kept blanking on what percentage of the country Mitt's written off"

3. "Skipped rehearsal, just like Letterman"

2. "Why don't you ask Bin Laden how I did?"

1. "It's Bush's fault"

4. Top Ten Things Never Before Said on "The Sopranos" as presented by the cast.

Air date: n/a

"You don't have the money? That's cool."

3. Barack Obama delivers his Top Ten Campaign Promises

Air date: January 2008

2. Top Ten List of Top 10 Favorite California Names

Air date: May 7, 1996

To present this, Letterman had the actual California residents read off their name and show their licenses to prove it. This is great because as the names get worse and worse, Letterman's crew continues to cut to a woman in the audience clearly bothered by the vulgarities. 

1. Top 10 George Bush Moments

Air date: n/a

SEE ALSO: Letterman announces he'll retire in 2015

AND: Why David Letterman is the most important late-night host of all time

Join the conversation about this story »

Tonight, David Letterman will announce his retirement from "The Late Show" on CBS.

However, before the announcement aired on TV, R.E.M. bassist Mike Mills broke the news on Twitter.

When asked backstage about beating CBS to the big reveal, Mills said he imagined everyone was sharing the news on social media.

"I didn't want to blow Dave's announcement, but I figured there's 300 people in the audience that are probably all tweeting the same thing so I figured it was all right," said Mills.

Mills also recalled his first time on Letterman was when he was on NBC in 1983.

Watch the clip below:

SEE ALSO: David Letterman's best top ten lists

AND: Why Letterman is the most important late-night host of all time

Join the conversation about this story »

David Letterman just announced he's retiring next year and the rumor mill is already buzzing over who will replace him at the "Late Show."

As of now, there are four main names being tossed around: Craig Ferguson, Stephen Colbert, Conan O'Brien, and Chelsea Handler. Let's see how they stack up.

1. Craig Ferguson

Longtime "Late Late Show" host Craig Ferguson — whose 12:35 a.m. CBS show immediately follows Letterman's — reportedly has right of first refusal in his contract for the "Late Show" gig. However, CBS may have the option to buy him out and hire a different host.

Here's how The New York Times' Bill Carter described it:

[Ferguson's] previous contracts with CBS have included what amounts to a "Prince of Wales" clause, giving Mr. Ferguson the right to inherit the late-night show in the 11:35 p.m. time period should Mr. Letterman decide to leave. (Those clauses have never been ironclad, however, because a network can choose to pay off the deal rather than complete the succession, as Mr. Letterman learned when Mr. Leno was chosen to succeed Mr. Carson in 1992.)

"Ferguson's CBS contract also expires in 2015, so if CBS opts to buy him out instead of giving him the prestigious 'Late Show,' he could end up leaving the network altogether, leaving the network's 12:35 slot vacant, as well,"reports Splitsider.

But considering "The Late Late Show" is produced by Letterman's Worldwide Pants company, it could be an ideal transition.

2. Stephen Colbert

Entertainment blogger Nikki Finke apparently has sources who say Stephen Colbert is "the only one on the air currently that CBS is considering."

The report doesn't sound too outlandish, as Colbert's contract with Comedy Central is up at the end of 2014 — making Letterman's 2015 exit ideal timing.

3. Conan O' Brien

In 1993, Conan O'Brien succeeded David Letterman on NBC's "Late Night" and it worked out well, so why not try again?

After spending the last four years on TBS following an embarrassing firing at NBC's "Tonight Show" in 2010, we're sure Conan would like to take revenge while sitting at Letterman's CBS desk.

The timing could be a bit tricky with Conan's TBS contract not being up until November 2015, but so far Letterman has only said he will leave"sometime in the not too distant future — 2015 for the love of god." So there's still plenty of time to figure out the exact details.

4. Chelsea Handler

It is interesting timing that Chelsea Handler announced earlier this week that she is leaving the E! network but already has seven mysterious "suitors lined up."

The "Chelsea Lately" host will leave E! when her contract expires at the end of 2014, which would make for perfect "Late Show" takeover timing.

One fan who thinks it could actually happen? Chris Rock, who posted the news of Letterman's retirement on his private Facebook account, with his bet for a replacement. Look at the last comment.

Coincidentally, Letterman's replacement was the plot line of a three-part "Louie" arc which placed Chris Rock, Jerry Seinfeld (do it, Jerry!), and Louis C.K. himself as the top contenders.

Other candidates whose contracts are up in 2015 are Jimmy Kimmel and Jon Stewart, but both seem unlikely to quit their day jobs any time soon.

Even Neil Patrick Harris' name is being thrown into the ring. With his hit CBS show "How I Met Your Mother"just ending this week and already having proven he can host live Emmy Awards shows for the network — the timing may be right.

All that being said, our money is on Ellen DeGeneres. She's nice and her interview style is not controversial which would please the conservative CBS, but having a gay woman sitting at a late night desk would be a win for those who agree with Lena Dunham, who tweeted, "I love Letterman but I am really excited about what this could mean for the diversification of late night."

Let the games begin!

SEE ALSO: Watch David Letterman Announce His Retirement

MORE: Chelsea Handler Leaving E!, But Has '7 Suitors' Lined Up

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Jimmy Kimmel, 46, has idolized David Letterman, 66, since the younger late-night host was a quirky kid growing up in Vegas.

Kimmel has often joked that the only reason he went into show business was to be friends with Letterman — and wondered why anyone would watch his show instead of Letterman’s.

So, when Kimmel was coming off four years as co-host of Comedy Central’s “The Man Show” and about to debut “Jimmy Kimmel Live!” on ABC in 2002, naturally he reached out to Letterman to be a guest on the show’s premiere episode.

Letterman’s typed response — on personal stationery — today sits framed on Kimmel’s desk in his studio office, alongside a photo of his late grandparents and a picture of himself covered in whipped cream after popping a fictional zit on Jon Stewart’s forehead.

This is what the letter said. It's from Sept. 23, 2002, and was uncovered by New York Magazine.

Dear Jimmy,

Thanks for asking me to appear on your premiere. Unfortunately, I will be out of the country on business. I’m sure the program will be a success regardless.

Sincerely,

Dave

“His response is hilarious,” Kimmel told New York Magazine. “He’s not out of the country on business. He knows you know he’s not out of the country on business and just the words ‘on business’ — it really makes it a perfect letter for me.”

Ten years later, the two aren’t exactly best buddies, but Letterman did appear on "Jimmy Kimmel Live!" for the first time, in 2012, as the L.A.-based show broadcast out of Brooklyn after Hurricane Sandy.

Letterman's appearance gave Kimmel his biggest Wednesday audience in the show's history — about 2.4 million viewers.

Leading up to the visit, Kimmel said he was “terrified” to interview Letterman and tried to justify it by saying, “I’m sure for him it’s nothing more than a nuisance, that he’s just doing it to be nice.”

But Letterman was a gracious guest as Kimmel showed him photos of his "Late Night"-themed 18th birthday cake:

And "L8 Nite" license plate on his first car.

Letterman responded by telling his No. 1 fan, "I’ll be honest with you, it was troubling. I kept saying to people, ‘Why is he sucking up to me?’ ... When I was persuaded that there was some measure of stability here, then I really realized that it was genuine and I couldn’t appreciate it more."

Letterman added, "In show business, one of the precepts is you're not really supposed to be nice to people, especially if you have the same occupation as another person. Jimmy has broken that precept and has been nothing but generous and courteous and kind to me."

Watch Letterman's ratings-raising appearance on "Jimmy Kimmel Live!"

SEE ALSO: Here's Who Is Rumored To Be Replacing David Letterman

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David Letterman is beloved, but perhaps not particularly liked — at least according to Q Score.

The veteran CBS “Late Show” host, who just announced his retirement Thursday, has a relatively low Positive Q Score, a survey used by the TV industry to measure a personality's likability. Based on TheWrap‘s recent “Most and Least Liked Late-Night Hosts” Q Score series, only Arsenio Hall had a lower rating than Letterman and Carson Daly tied with the “Late Show” host.

So who does America want to inherit Dave's desk?

See photos: 14 Late Night TV Hosts Ranked by Popularity

Based on Q Score rankings, DeGeneres is the most-liked candidate that TheWrap has identified for Letterman's seat, with a big 30 Positive Q Score.

Next up are Neil Patrick Harris — a longterm CBS employee and awards-show favorite — and Stephen Colbert, both who scored 20s. Interestingly, Harris and Colbert were also singled out by New York Times’ Bill Carter as the network's frontrunners.

To create Q Scores, executive vice president Henry Schafer and his team provides a celebrity's name and a brief description to more than 1,800 viewers. The viewers are asked if they recognize the person, and how they feel about him or her.

See photos: David Letterman: 13 Potential ‘Late Show’ Replacements

The average celebrity has a 31 Recognizability score and a 16 Positive Q Score.

Surprisingly, Conan O'Brien is ranked as the least-liked potential Letterman replacement — scoring a 10.

Chelsea Handler, who recently gave notice of her exit to E!, ties with Craig Ferguson — the guy whose show follows Dave's.

Read the complete Q Scores list:

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NEW YORK (AP) — With Jimmy Fallon doing so well as "Tonight" show host, NBC's boss expressed no fear Monday about who will replace David Letterman upon the late-night comic's planned retirement from CBS sometime next year.

Fallon "is the best and no matter who CBS puts in that place, I think he'll still be the best," NBC Universal CEO Steve Burke said.

The NBC chief said he didn't think Tina Fey or Jay Leno, two people with NBC ties who have been mentioned as potential Letterman replacements, would be in the running. Fey seems happy making movies and shows for NBC, Burke said. Fey, who made and starred in "30 Rock," has a production deal with NBC.

Former "Tonight" host Leno is still talking with NBC about a deal where he will do occasional specials, he said.

Fallon has topped the late-night ratings since taking over for Leno in February, and is particularly strong among the young audience NBC seeks. While the network was always confident in Fallon, Burke said the new host has easily exceeded expectations, and is even bringing viewers back to the 11:30 p.m. time slot.

"He has turned out to be, I think, exactly what America is looking for," Burke said.

Burke said he and his wife had dinner with Fallon during the Vancouver Olympics four years ago and left telling his wife that Fallon was someone who would be running the "Tonight" show someday. And as CEO at NBC Universal, Burke was in the position to make it happen.

"He is very unique," he said. "Whoever ends up doing the job at CBS, we wish them well. We think we'll do fine."

CBS was not talking Monday about candidates to replace Letterman, which have ranged from Stephen Colbert to Conan O'Brien to Neil Patrick Harris. The network isn't giving a timetable for when a selection will be made, and a day hasn't been for Letterman's last show, either.

Harris, an actor in the just-concluded CBS show "How I Met Your Mother" and a Tony Awards host for CBS, said Monday he hasn't had any talks about filling Letterman's chair. He is preparing for a return to Broadway in "Hedwig and the Angry Inch."

"I'm super-focused on 'Hedwig' at the moment, so that hasn't even been a conversation at all," he said. "But I'm a big fan of CBS and (CBS Corp. chief) Les (Moonves), so who knows? It would be an asinine amount of work."

John Oliver, who is preparing for the debut of his HBO comedy series this month, said in an interview with The Associated Press that he had informal talks with CBS last year, but Letterman's job wasn't mentioned.

"I'm pretty mortified that he's leaving," Oliver said. "He was a pretty big deal to me."

___

AP Drama Writer Mark Kennedy contributed to this report. David Bauder can be reached at dbauder@ap.org or on Twitter @dbauder. His work can be found at http://bigstory.ap.org/content/david-bauder

SEE ALSO: Here's Who Is Rumored To Be Replacing David Letterman

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Comedy Central's "Colbert Report" host Stephen Colbert has just been named David Letterman's successor on CBS' "Late Show."

The network just tweeted the news: "Stephen Colbert to be next host of 'The Late Show.'"

Colbert signed a five-year agreement, which will start when Letterman retires next year.

This is the press release from CBS:

The CBS Television Network today announced that Stephen Colbert, the host, writer and executive producer of the Emmy and Peabody Award-winning “The Colbert Report,” will succeed David Letterman as the host of THE LATE SHOW, effective when Mr. Letterman retires from the broadcast. The five-year agreement between CBS and Colbert was announced by Leslie Moonves, President and CEO, CBS Corporation, and Nina Tassler, Chairman of CBS Entertainment. 

Letterman, the legendary, critically acclaimed host of the CBS late night series for 21 years, announced his retirement on his April 3 broadcast. Colbert’s premiere date as host of THE LATE SHOW will be announced after Mr. Lettermen determines a timetable for his final broadcasts in 2015. 

Specific creative elements, as well as the producers and the location for the Colbert-hosted LATE SHOW, will be determined and announced at a later date.

“Stephen Colbert is one of the most inventive and respected forces on television,” said Moonves. “David Letterman’s legacy and accomplishments are an incredible source of pride for all of us here, and today’s announcement speaks to our commitment of upholding what he established for CBS in late night.”

“Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches,” said Tassler. ”He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night.”

“Simply being a guest on David Letterman’s show has been a highlight of my career,” said Colbert. “I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead.”  

Adding, “I’m thrilled and grateful that CBS chose me. Now, if you’ll excuse me, I have to go grind a gap in my front teeth.”   

Since its launch on Comedy Central in 2005, “The Colbert Report” has received widespread critical acclaim while earning two Peabody Awards and 27 Emmy nominations, including an Emmy win for Outstanding Variety Series (2013) and three Emmy wins for Outstanding Writing for a Variety, Music or Comedy Program (2013, 2010, 2008). Prior to that, Colbert spent eight years as a correspondent on Comedy Central’s “The Daily Show” as an on-air personality and writer of news satire for the Emmy and Peabody Award-winning series.

In addition, Colbert is an accomplished author, with two books, I AM AMERICA (and So Can You!) andAMERICA AGAIN: Re-Becoming the Greatness We Never Weren’t, appearing on the New York Times best-seller list. AMERICA AGAIN also won a Grammy Award for Spoken Word (2014).  

In music, Colbert’s original holiday musical special on Comedy Central, “A Colbert Christmas,” won a Grammy Award for Best Comedy Album (2009) and Emmy nominations for Art Direction, Picture Editing and Original Music and Lyrics. In April 2011, Colbert starred as Harry in the New York Philharmonic presentation of Stephen Sondheim’s “Company.”

After graduating from Northwestern University, Colbert was a member of Chicago’s acclaimed Second City improv troupe with Amy Sedaris and Paul Dinello. The trio later created and starred in the CableAce-nominated sketch comedy series, “Exit 57,” and created the cult-hit narrative series “Strangers with Candy,” both for Comedy Central.

Colbert has appeared on series such as HBO’s “Curb Your Enthusiasm” and NBC’s “Law & Order: Criminal Intent.” He was also a cast member and writer on ABC’s “The Dana Carvey Show,” wrote for “Saturday Night Live” and voiced roles in DreamWorks’ animated films “Mr. Peabody and Sherman” and “Monsters vs. Aliens.”

THE LATE SHOW is broadcast weeknights on the CBS Television Network from 11:35 PM - 12:37 AM, ET/PT.

SEE ALSO: Jon Stewart Supports Colbert As 'Late Show' Host: 'He's Got A Lot More He Can Show'

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Stephen Colbert will be replacing David Letterman as host of "Late Night" on CBS.

For the most part, people are happy. Colbert is a massive talent, and it will be fun to see what he does with his new show. 

However, respected TV writer Alan Sepinwall worries that Colbert will be wasting his talents on Late Night:

As a fan of Colbert, I'm happy he's got a higher-profile job that will almost certainly pay him more money. (The deal is for five years, with additional details about where his "Late Show" will be produced, and who will produce it, to come down the road.) But I'm also disappointed to be losing the fictional Colbert, especially if his "Late Show" winds up being similar to Dave's "Late Show," and Conan's various shows, Fallon's "Tonight," Jimmy Kimmel's show, etc. 

...

Lots of people can successfully host "Late Show." Very few could pull off the high-wire act Colbert's been doing for close to a decade. I expect he'll be an excellent host, but I fear it'll also be a waste of his talent.

He's got a good point. Doing what Letterman does is nowhere near as difficult as doing what Colbert does. There's a reason Colbert is the only person on TV doing his faux-conservative personality shtick. 

Hopefully Colbert comes up with an inventive way to expand the late night format which has been pretty stale for years. 

SEE ALSO: Jon Stewart supports Colbert as "Late Show" host

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Stephen Colbert has just been named David Letterman's "Late Show" successor.

One person who fully supports the decision is Colbert's mentor, Jon Stewart, who first introduced the former "Daily Show" correspondent to a wide audience on his Comedy Central show.

While Colbert is now most well known for portraying a caricatured version of conservative political pundits on "The Colbert Report," Stewart insists, "He's got a lot more he can show."

“He is a uniquely talented individual,” Stewart told New York Magazine at a Cinema Society event last night, before the news broke. “He’s wonderful in 'Colbert Report,' but he’s got gears he hasn’t even shown people yet. He would be remarkable.”

Stewart further explained, “He’s got some skill sets that are really applicable, interviewing-wise, but also he’s a really, really good actor and also an excellent improvisational comedian. He’s also got great writing skills. He’s got a lot of the different capacities. Being able to expand upon [those] would be exciting."

Stewart himself has long been rumored to be replacing Letterman, but insists Colbert is better suited for the job.

“I don’t have that gear, I don’t think,” he said of the Letterman spot now. “I just don’t really have it anymore. I really like what I do, not that Stephen doesn’t. But he has a real opportunity to broaden out in a way that I don’t.”

As for how Colbert will stack up against the late night competition, Stewart says his pal is in a league of his own.

“I think Stephen [Colbert] is very different from Jimmy Fallon, is very different from Jimmy Kimmel. But you can’t deny that a performer coming from a different perspective, whether it [is] a different identity, would bring things, not in equal proportion, but would give shading to things that you don’t currently get. But obviously that’s not the sole deciding metric. It’s sort of like when people say, ‘Are we ready for a black president?’ And you say, ‘Well, Barack Obama — yes. Mr. T? Probably not as much.’ 

SEE ALSO: Stephen Colbert Named Letterman Replacement

MORE: The Most And Least Liked Late Night TV Hosts, Ranked

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CBS nailed this.

Stephen Colbert, just named to replace David Letterman, might seem in some ways an odd choice for a late-night broadcast host: He's an intensely satirical comedian who at least until now has hosted his show in the guise of a self-righteous buffoon.

But he may also be the smartest person in late night. And the most likable.

Also read: Comedy Central Wishes Stephen Colbert Luck in Move to ‘Late Show’

As TheWrap recently reported, industry Q ratings based on viewer surveys found that Colbert is the late-night host who viewers find most agreeable. Those numbers don't gel with the fact that Jimmy Fallon and Jimmy Kimmel are No. 1 and 2 in the ratings, respectfully. But Colbert's numbers suggest he has untapped mass-audience appeal. CBS will give him a bigger platform for working his charm.

As experimental a performer as Colbert is, there's a precedent for daring at CBS. Letterman also baffled some viewers when he debuted more than three decades ago with Stupid Human Tricks and other glorious absurdities. He was the first person to host a show from which he seemed ironically detached. Colbert took a brand of comedy Letterman invented and stretched it further.

Also read: We Must #CancelColbert – And by the Way, Look How Not-Racist I Am

As a darling of the Northeasternliberalintellectiualmediaelite, or whatever we're calling it these days, Colbert may seem a tough sell to the vague, conceptual millions we condescendingly call Middle America. But I doubt he will be. Viewers meeting him for the first time may be surprised to learn he's a South Carolina-bred Catholic whose opinions about barbecue sauce are as strong as his political views.

He clearly leans left, but he's one of the few remaining television personalities capable of sitting down for a friendly and intelligent conversation with people who disagree with him.

Also read: Bill O'Reilly Rips Stephen Colbert as ‘Darling of Far Left Internet’ (Video)

And he doesn't exactly parrot Democratic talking points every night. He takes aim at everyone in power, calling out hypocrisy wherever he finds it. It's exactly what late-night talk show hosts are supposed to do.

Jimmy Fallon's best bits are apolitical, viral-ready set pieces that pair him with another celebrity, committing unabashedly to something gloriously silly. Kimmel's best moments are diabolically clever pranks.

That leaves a big niche for Colbert — a satirist who does legitimate social commentary.

There's been a lot of speculation that Colbert will have to drop his faux right-wing persona to appeal to a wider audience. He probably will. But it won't matter. He's smart, he's funny, and he'll find another way to keep us guessing.

The only disappointment here is the end of “The Daily Show” being paired every night with “The Colbert Report.” But Comedy Central has plenty of options for replacing Colbert: There's Chris Hardwick's addictive “@midnight,” for one — though it might have to change its name. And “The Daily Show” could replace Colbert with its deep bench of correspondents, the same one that brought us Colbert. Perhaps the network could lure John Oliver, who quite capably hosted “The Daily Show” last summer, back from HBO.

Comedy Central, like Colbert, will think of something.

SEE ALSO: Stephen Colbert Named Letterman Replacement

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