Simon Cowell Leaving American Idol?

Is Simon Cowell, seen by many knowledgeable observers as “the only reason to watch American Idol,” about to depart from said American Idol at the end of this season? Simon Cowell’s brother Tony (Cowell) said as much on his podcast, “The Cowell Factor.” After a bit of hesitation on the media’s part, the story has traversed the gossip blogs and been picked up by the Associated Press, ABC News, and other outlets. So: is Simon Cowell actually leaving American Idol? And if so, does the show have a chance?