Yes it does, usually if the contract is not being renewed it is not renewed.
and the announcement is made after the host has been removed.
In general I agree with this but....
If this was a stunt, then Larson has missed his calling, and he should consider moving to Hollywood. Listen to the poscast of the show and tell me if you think he was acting, after you hear his emotions throughout the whole 3 hours. If that was acting, then he truly belongs in Hollywood!
Just my $0.02 worth, adjusted for inflation! YMMV