That thing, of course, is that they are still the reigning champs in late night. It seems bizarre with their morning show consistently losing to Good Morning America and the bottom falling out on their broadcast shows that the channel is focusing on removing Jay Leno, a consistent ratings powerhouse even if he's not a critical success.
Of course, if you paid attention 3-4 years ago, you know this isn't the first time that Jay Leno has been the center of a huge problem for NBC. When Conan O'Brien became the host of The Tonight Show, and Leno, initially rumored for FOX, moved to the 9:00 time slot (I'm central time zone-adjust as needed for your particular coast) five nights a week, absolutely no one was happy. This caused a messy, nasty feud in the media, with Leno persistently airing NBC's dirty laundry in his monologues (again, shades of the present), and O'Brien's ratings consistently falling to his CBS competitor David Letterman. After less than a year of this uncomfortable back-and-forth, Conan got a massive settlement, and Jay returned to The Tonight Show.
What this move cost NBC wasn't just a year's worth of ratings in the late night wars. For that year, four prime-time slots that could have served as launching pads for NBC (plus Friday, theoretically) were taken up by Jay Leno, and if there's a massive problem in NBC's ratings dilemma, it's a lack of proper prime-time identity, due to years of trying an "anything-that-sticks" sort of approach. CBS is the home of the cop show (NCIS, CSI) and the broad, studio audience sitcoms (The Big Bang Theory, Two and a Half Men). ABC has long been the home of female-oriented shows like Grey's Anatomy and Desperate Housewives, and FOX has cultivated hipper, younger-oriented shows like New Girl, Glee, and Animation Domination Sundays.
The thing about these channels is that while they consistently prop up their tent poles (think Grey's/The Bachelor, CSI/NCIS, and American Idol), they also are constantly trying to add and cultivate something new for their audience. Shows like Once Upon a Time, Revenge, and particularly Scandal have given ABC a new generation of buzz and female-oriented shows to replace departing Desperate Housewives and Private Practice. CBS has added to its crime/broad comedy block with shows like Elementary and recent comedies 2 Broke Girls and Mike & Molly.

Another major problem for NBC is that when something does work (Smash, potentially Revolution), they don't know how to use the hit. With Smash, for example, they had a respectable hit on their hands, but as a result, they thought they could go off the air for seven months, when in reality most un-established shows can't suddenly come back from the seven month gap-they can only take the three month gap during the Summer. When your fans are as a cult-loyal as Lost, Game of Thrones, or 24, you can come back at any point and people will show up, but a first-season show has never hit that sort of level with the audience. They are oddly doing the same thing with Revolution right now, as it's been off the air for months at a time when it's still establishing its crucial fan base. Granted, it could end up in the same class as Lost or 24, but it's not there yet.
Lastly, when the other networks stumble across a hit that doesn't necessarily fit with the rest of its shows (for example, Lost on ABC or Bones on FOX, both of which seemed more in-tune with FOX and CBS, respectively), they don't reinvent their entire identity to adapt to it. The Voice was once a fun, fresh show with a solid chemistry, but if you'd look at NBC now with their reaction to it, you'd be stunned that they have any other shows on their network-seriously, they advertise it every commercial break, and it totally overpowers the rest of their lineup. NBC has always had this problem-remember how often Dateline used to be on the channel, and looking at their lineup for next week, they will be airing three separate hours of SVU in primetime, only one of which is original? If they're trying to cultivate an identity (and in this age of a thousand channels, it's a necessity), they can't reinvent themselves when they stumble across a hit. By all means, embrace it (like ABC with Lost and Bones on FOX), as a hit is a hit is a hit, but don't forget your core audience in the process.

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