The paragraph cited above, which trades on this ridiculous idea of Jay Leno as anything other than the hapless captain of a sinking franchise, is self-serving and should be mocked as such.
If the Tonight Show was profitable, would there be cuts? If the margin of profit was high enough, would 20 people have been let go? If the Tonight Show under Leno's tutelage was viable, would he have had his salary cut by five million dollars?
In business, if you have a guy running something and if you go to this guy and take away twenty of his employees and five million dollars from his salary, he's not doing a "great job." This is your signal to him that he's about to be let go, and that he is not doing a great job. This is your signal to him to fire up the resume and think about taking Jimmy Kimmel's job away from him.
Oh, and if this had been done when Johnny Carson was running things, there wouldn't be a Tonight Show anymore. Carson would have walked out. Leno doesn't have the spine, the courage, or the ethics to know that it is long past the time for him to move on. He will hang on to the bitter end.