The series finale of a late-night show is a rare and often peculiar event, typically marking a host’s departure rather than the entire program’s cessation, as seen with long-running franchises like The Tonight Show. However, CBS made the singular decision to cancel its flagship talk show, The Late Show, which it initiated in 1993 to house David Letterman after his unsuccessful bid for The Tonight Show at NBC. Under Letterman and subsequently Stephen Colbert, the program evolved into a significant institution and the first formidable, sustained rival to The Tonight Show in years, concluding its 33-year franchise run, with Stephen Colbert at the helm for 11 of those years.

Remarkably, The Late Show concluded as the number one show in network TV late night, only for its coveted 11:35 PM slot to be immediately and unceremoniously filled by Byron Allen’s long-standing syndication program, Comics Unleashed. This decision, an astonishing abdication in the streaming era, became inextricably linked with former US president Donald Trump, despite CBS’s consistent assertions—echoed by a dolphin in a finale gag—that the cancellation was purely financial, not political. Colbert, having had nearly a year to reconcile with the network’s decision, chose not to use his platform to rail against corporate entities during his cheerful, albeit bittersweet, final installment.

With a roster of esteemed guests already making their final appearances, including David Letterman, Bruce Springsteen, and Jon Stewart, the supersized 80-minute finale utilized a running gag involving a delayed reveal for its ultimate guest. Throughout the first half-hour, Bryan Cranston, Paul Rudd, Tim Meadows, Tig Notaro, and Ryan Reynolds interrupted various standard Colbert segments, playfully suggesting they might be the unnamed final guest. Ultimately, Colbert welcomed Paul McCartney, a choice that highlighted the show’s occupancy, and CBS’s impending abandonment, of the historic Ed Sullivan Theater, where McCartney famously performed with The Beatles in 1964. This choice was subtly foreshadowed when the episode, after a montage of talk show history introducing Colbert, was advertised featuring the song “Hello, Goodbye.”

An 83-year-old rock star, even one promoting a new record, might seem an unconventional choice for a final interview. While Colbert remained a warm and attentive interviewer and McCartney appeared remarkably sharp, the conversation was not a deep exploration. McCartney offered vague recollections of his Sullivan Show performance; Colbert touched upon accepting change; and McCartney humorously discussed resisting iPhone updates. Their multiple segments, though typically strong for Colbert’s style, remained largely standard talk show fare until interrupted by a recurring visual gag: an eerie green light glitching into view, which initially seemed like a genuine technical error.

These repeated interruptions eventually coalesced into a mysterious green portal or wormhole. This led to seemingly prerecorded segments featuring a returning Jon Stewart, alongside the other members of the “Strike Force Five”—network talk show hosts Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and Colbert’s fellow Daily Show alumnus John Oliver. They bantered about the wormhole threatening to consume Colbert’s show, abstractly musing on the collapsing network model and encroaching government interference, with the ominous suggestion that “At some point, this may come for all our shows.” Neil deGrasse Tyson made an appearance, warning Colbert that “two contradictory ideas can't coexist without disrupting the wormhole,” setting up Colbert’s witty retort, “they canceled ‘Gutfeld’??!!” The wormhole joke, a lengthy shaggy-dog gag lasting eight minutes, served as a testament to Colbert’s quirky, cerebral humor, playing into ideas of alternate timelines and ultimately depicting the Ed Sullivan Theater being swallowed and reduced to a snow globe, a nod to the “St. Elsewhere” finale.

The finale’s monologue, notably mild, stood out for its complete absence of any direct mention of the US President, a usual foil for Colbert. Instead, the jokes focused on topical, lighter subjects like sinkholes in Queens, erectile dysfunction, a controversial sexy-priest calendar in Italy, and marine mammal foundation billboards referencing Colbert. This deliberate omission sparked speculation, with many assuming Colbert wished to deny Donald Trump the satisfaction of being part of the final episode, especially given plausible reports linking the President’s demands to the show’s cancellation. The monologue effectively explored a world without Trump, though it lacked the customary fire and conviction seen in previous episodes, appearing somewhat deflated.

When Colbert finally submitted to the void of the wormhole, he revealed his desired method for ending the show: a performance with Elvis Costello of an obscure 1970s B-side demo track called “Jump Up.” Colbert had called this shot over a decade prior, expressing his love for the satirical song in a 2012 NPR interview, citing lines like “it’s a two-horse race, and he changes bets like it was another brand of cigarettes” as relevant to political satire and the perceived indifference to choices. The song, performed by Costello, Jon Batiste, and Louis Cato, was interpreted as a direct commentary on political corruption, campaign lies, and propaganda, resonating deeply with fans.

The show did not entirely abandon its talk-variety format. It returned to Paul McCartney, who, alongside Colbert, Costello, and the studio audience, sang The Beatles’ 1967 classic “Hello, Goodbye.” In a prerecorded segment, Colbert and McCartney symbolically shut off the lights. This final song, a reflection on duality and how for every negative there is a positive, offered a poignant farewell. Colbert’s insistence on delivering his usual monologue and a compendium of Weekend Update-style news via his “Meanwhile” segment, despite some standard jokes, made sense as a final hurrah for viewers. Addressing his audience, both in-studio and at home, Colbert described his approach as “doing the show with you,” not for them. His goodbye was a heartfelt reminder of the nightly connection many will miss, emphasizing his unique ability to be human and bring the audience along for the ride.