A variety show, hosted by Howard Cosell (then at the height of his
celebrity). ABC wanted to use its greatest asset (Cosell helped put
Monday Night Football on the map); they rented and refurbished the Ed Sullivan Theater (now David Letterman's television home) and did the show live at 8 PM. It flopped, and was cancelled as soon as the contracts allowed. SNL ("The Not Ready for Prime Time Players" was a swipe at Cosell's "Prime Time Players" troupe) nabbed the rights to the name.