CBS's late night schedule is set for the next couple years. On Monday the network announced that 'The Late Show' host David Letterman and 'The Late, Late Show' headman Craig Ferguson have both had their contracts renewed through 2014.

When he completes his new contract, Letterman will have been a late night talk show host for 32 years, which would break the record previously held by former 'Tonight Show' host Johnny Carson.

CBS Entertainment President Nina Tassler said in a press release,

David Letterman is a late night legend with an iconic show and Craig Ferguson continues to evolve the genre in exciting and innovative ways.”

'The Late, Late Show' is produced by Letterman's World Wide Pants, and the speculation is that Ferguson may inherit Letterman's earlier slot when Dave retires.

It looks like Craig's time at the 11:30pm slot won't come for at least two more years. What do you think? Does Letterman still have it? And would Ferguson be a worthy replacement when the time comes?