Jay Leno and Conan O'BrienFred Armisen, Darrell Hammond, Bill Hader and Jason Sudekis suited up as Larry King, Jay Leno, Conan O'Brien and David Letterman for the opening sketch of 'Saturday Night Live.'

"Jay, about 5 years ago, NBC came to you and said 'Jay, you're doing great. Your show's number one. We love you, leave, because we want to replace you with Conan O'Brien,'" Armisen's King said. "So you moved to 10PM and that was a colossal failure, is that right?"

"And that's where Conan comes in. Conan, you were doing great at 12:30 ... You had loads of fans, great ratings, then they moved you to 11:30 and that was a colossal failure," Armisen continued.

"So now everything's a mess, you're all mad at each other all because of a bad decision made in 2003 ... it seems like there's a very obvious solution here. Time machine," the fake-King said.