The probability of Craig Ferguson taking over for David Letterman and hosting The Late Show was very slim from the beginning. Ferguson and his people were aware of this well in advance of Letterman's retirement, so they inked a contract that would include a huge consolation payout if he wasn't chosen as the heir to CBS' late night talk show throne.

Since Ferguson officially won't have the job, (congrats to Stephen Colbert!), it looks like he'll be getting that big check after all.

It is being reported that Ferguson will receive $5 million from CBS, but there are also reports that the number could be as high as $8 million or even $12 million. One thing is for sure, Ferguson is going to have a lot of cash money to numb the pain of CBS having so little faith in him.

[via Defamer]