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Seth Meyers Taking Over 'Late Night' From Jimmy Fallon

Every night will be Saturday night.

The "Saturday Night Live" takeover of NBC's late night lineup continues. With Jimmy Fallon leaving "Late Night" to host "The Tonight Show" next year, the network has tapped his former "SNL" castmate Seth Meyers to sit in his chair.

[Related: 'SNL' Recap: Kristen Wiig Brings Back Gilly, Target Lady, and Dooneese]

Meyers leaves "SNL" after 12 seasons, eight of which he served as head writer and seven of which he hosted "Weekend Update." He won't have to change bosses, however; Lorne Michaels will be the executive producer of Meyers's "Late Night."

"I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers joked in a statement. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."

[Related: Watch Jimmy Fallon and John Krasinski's Lip-Sync Battle]

Buzz about who would replace Fallon began even before official confirmation that he would replace Jay Leno as "Tonight Show" host. Names like Howard Stern and Chelsea Handler were thrown around, but Meyers seemed to be a frontrunner from the beginning thanks to his relationship with Michaels.

"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation," said Bob Greenblatt, chairman of NBC Entertainment.

"His years at 'SNL's Weekend Update' desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the 'Late Night' franchise."

[Related: 'The Office' Finale: Six Surprising Ways the Series Morphed Along the Way]

Meyers's move to "Late Night" does beg the question whether he and Michaels will update the format to be more similar to "Weekend Update" and Jon Stewart's "The Daily Show."

And there are even more questions about the future of "SNL" -- who will succeed Meyers as head writer? And perhaps more importantly to fans, who will be the new "Weekend Update" host(s)?

Tell us your nominees in the comments and vote in our poll!

Watch Meyers on "Weekend Update":