If Vegas is taking bets on the matter, what Howard Kurtz lays out in his column this morning, is a safe one. It’s what we’ve been hearing, and what conventional wisdom dictates at the moment about Katie Couric‘s future with CBS News. It is this:

If Couric and the network reach agreement, it will be for an annual salary significantly lower than the $15 million in her original deal. And the source says the new contract would be for a shorter period, running through the 2012 elections, which would essentially buy time for both sides to pursue other options.

Other options, like a daily syndicated show. Local stations will still be looking for new programs in the AO (after Oprah) world, with proven talent, and could be conveniently distributed by CBS TV. Another option: cable.  Who knows what CNN primetime will look like in two years: will Parker and/or Spitzer be around? Will Piers Morgan? Will either lift the network and make it a more attractive option for her?

We shall see.

By the way, if Vegas is taking bets on Couric’s future, it wouldn’t be the first time.