Here's how today's Bill O'Reilly/Stephen Colbert showdown will work, via the NY Daily News:

"Colbert will tape his interview -- presumably in character -- with O'Reilly around 6 p.m. tonight and O'Reilly will tape Colbert's show afterward."

More: "O'Reilly admitted Colbert will have an upper hand of sorts, having done the Fox News show before sitting down at Comedy Central. Colbert will get about eight minutes on Fox, and then O'Reilly will call in his analysts Bernard Goldberg and Jane Hall."