Addressing the graduating class of UCLA sounds like a positive, prestigious gig for most celebs—so why are they having so much trouble lining up a speaker?

First, Hollywood heartthrob James Franco bailed at the last minute, claiming he had to be on the set of his next film for “pre-production.” Does that mean he has to stand around while they build the sets?

So a group of enterprising UCLA students set up a page on Facebook, hoping to lure new “The Tonight Show” host Conan O’Brien into subbing for Franco. Alas, Conan turned them down. He released this statement, as reported by TMZ, “I am honored to be asked but I am so busy launching ‘The Tonight Show’ there just is not enough time to give this speech the preparation it deserves. I wish everyone in the class of 2009 the best and I am honored that they thought of me.”

Spoilsport! Conan should go for it! It would be great PR for his new job, and might take the media’s focus off his disappointing ratings. Besides, he could always have his staff of writers craft a speech and read it off the teleprompter.

An era ends this evening, as Jay Leno hosts “The Tonight Show” for the last time.

There is bound to be some sadness on leaving the show after 17 years, and Leno told the AP, “Will I miss it? Yes, terribly. It’s the most wonderful job ever in show business.”

Leno’s final guest will be Conan O’Brien, who is taking over the reins at “The Tonight Show.” In the fall, Leno begins a primetime show airing five nights a week on NBC.

Leno’s 17-year reign gives him the second longest tenure hosting “The Tonight Show,” following the three decades of his predecessor, Johnny Carson.

Farewell and good luck, Jay—we’ll miss you.

Jay Leno has finally ‘fessed up about what caused him to miss his first taping of “The Tonight Show” in 17 years.

“Exhaustion,” he told People. “That’s like a rich person’s condition. Poor people that work – they don’t get exhausted. Only rich people get exhausted. It’s an embarrassing thing. Yes, I was exhausted. Yes, yes, exhausted.”

The funnyman blamed his grueling schedule. “I think I just probably got worn out. I do three columns. I write for the London Sunday Times, I write for Popular Mechanics every month and I write for a British magazine called Octane. I do all automotive stuff. And then I’m on the road [doing standup comedy] 160 days. I think it’s one of those deals where you just kinda just got worn out.”

It sounds like Jay needs to slow down, but with his new primetime show debuting in the fall, that’s not likely. He insisted he’s OK now. “No, I didn’t have swine flu or anything like that at all. And really, now, I’m fine, I’m great.”

Take care of yourself, Jay! You’re one of the good guys, and we want to keep you around.

Thursday’s episode of “The Tonight Show” will be a rerun because host Jay Leno is hospitalized.

According to The Hollywood Reporter, the show’s spokeswoman Tracy St. Pierre stated Leno checked himself in to the hospital because he wasn’t feeling well, and confirmed that tonight’s show taping was canceled. She did not reveal his condition.

Hope it’s nothing serious—feel better soon, Jay!

Conan O’Brien and Andy Richter started filming for their June debut on “The Tonight Show” at the L.A. River in downtown Los Angeles, CA. Wonder if they caught anything?