Monday afternoon update: It's official! Deal's done!

Click here for the Variety story. More to come from my chat with Jason Katims later tonight once I'm (finally) off deadline.

One way or another, Monday should be a big day for "Friday Night Lights" fanatics. A final decision is expected to come from NBC and DirecTV on a two-season, 26-episode pickup of the acclaimed drama series.

Earlier this month, all signs were pointing to the Peacock and the satcaster were closing in on a deal to save the Imagine TV/Universal Media Studios series, but then early last week there was a hiccup over money -- what else? -- specifically the fee that DirecTV would pay for the right to air the episodes first, commercial-free, as the marquee offering on its 101 Network channel. That was the arrangement that kept the lights on for "FNL" this season, the show's third, and was hoped would continue for a fourth and fifth season of 13 segs each.

At one point it looked like the deal was off, but then clear eyes and full hearts prevailed and the talks resumed in the middle of last week. As of the weekend, the signs were again looking hopeful for the renewal, but insiders cautioned that the final fate of the Dillon Panthers et al would not be known until Monday.

As Slammin' Sammy Meade might say: Folks, this one's going down to the last kick.

There's been a lot of chatter out there about the much-loved "Friday Night Lights" closing in on a two-season renewal from NBC and DirecTV.

The talks are ongoing between NBC, Universal Media Studios and DirecTV, but they hit a big pothole earlier this week. At one point it looked like the deal might crater. But fortunately for the show's loyal cadre of fans, the right phone call was made in the nick of time on Wednesday to hopefully get it all back on track.

It comes down to -- what else? -- money issues, and how much DirecTV will kick in to cover the cost of production on the show, which is estimated at a modest $2 million-$2.5 million per seg. They've been talking about doing 13 episodes per season, and giving DirecTV the exclusive first window, as the partners did for the show's third season, which bowed commercial-free on the satcaster in the fall and in January on NBC.

The biggest thing the Imagine TV production has in its favor is the desire for the deal to make on the part of the key players. Universal wants to keep the show going to amass enough episodes for a syndication sale down the road and to generally enhance the show's library value. NBC wants the prestige of supporting a show beloved by critics, even though it's never been able to draw a big aud. And most of the key cast members are on record as saying they're in if NBC and DirecTV are.

"FNL" exec producer and showrunner Jason Katims is busy now on a high-profile new pilot for NBC, U and Imagine, a new spin on the 1989 Imagine feature "Parenthood." Assuming "Parenthood" gets picked up, the network and studio would help him work out a sked to allow him to juggle both shows. By all accounts, Katims is a prolific writer and utterly devoted to "FNL."

So -- Clear eyes, full hearts, can't lose -- and fingers crossed. The next few days should be pivotal for these negotiations.

With the season finale of "Friday Night Lights" airing on DirecTV on Wednesday, Variety's Stuart Levine (who reviews the last episode here) and Jon Weisman chatted with red eyes and heavy hearts about the show facing the end of its three-year run -- and how much "Friday Night Lights" could offer if it were to connect on a Hail Mary bid for a fourth season. Caution: Spoliers aplenty if you've been waiting to watch the third season on NBC, beginning Friday.

Stu: At some point, business will defeat creative and the show won't be able to come back. There's just not enough viewers (650,000 per episode, according to DirecTV) to keep the accountants at bay. And while it's incredibly tough to think about saying goodbye to all our friends in Dillon, there is something to be said about going out on top. Sure, a fourth season could offer a lot about the charcters and story arcs you mentioned, but will it be the same show? And will head writer Jason Katims and his talented scribes be able to keep up the great work? Well, looking at what they've accomplished in three seasons, there's little doubt they certainly could, but I couldn't bear the thought of watching characters that didn't matter to me as much as the ones that arrived when the show premiered in 2006. 

Jon: I guess I'd say if the opportunity somehow arose for a fourth season, why live in fear? Do we regret that the show has been on the past two years, even though the first season remains the show's best? Put it this way: If "Lights" had a 2009-10 pickup, we wouldn't say it should be canceled.

But certainly, it's going to take a white knight to make this conversation anything more than theoretical. If I were leading the Save Friday Nights Committee, I'd start the campaign right now, with the show taking its final bow on NBC (where the third season will reprise) starting Friday. How often, after all, has a network show come pre-approved by even a small sample of the public?

Stu: Yeah, certainly NBC could do a lot a worse than bringing back "Friday Night Lights," even though they know it'll get a small aud.

Changing subjects for a sec, what are some of your favorite moments from the three seasons? I was thinking about that the other day, and a lot of Matt Saracen scenes popped into my head, especially the one where Coach Taylor goes to his house in season two as he's laying in the bathtub, with the weight of the world on his shoulders -- caring for his ill grandma, replaced as quarterback, his dad stationed in Iraq.

In more generic terms, I also love it whenever Coach Taylor gathers his players and begins a speech with "Gentlemen …." No matter what he has to say, it carries such gravitas that you feel you're part of the team and are hanging by every word.

Jon: First scene that comes to mind is the visceral threat you felt in the first-season episode when the team bus was pulled over by cops after a victory over a school (and referees), where racism filled the air. I can't think of many moments in my entire life of television watching that felt so tense.

At the same time, I'd also say the lighter moments between Eric and Tami, often in an episode that would also find them sparring, warmly fill my memories of the show. "FNL" managed to make their relationship both idealistic and realistic -- really quite something.

I did truly enjoy the Matt Saracen arc, highlighted by the bathtub scene that you mention -- heck, there wasn't much about the show I didn't enjoy. I'd say my biggest love-hate relationship was with how the writers treated Landry and Tyra. Their relationship was one I adored -- it truly moved me how Landry won her over -- but it hurt how little the writers seemed to trust moving that relationship forward, instead choosing to repeatedly break them up (most notably with the misguided manslaughter storyline) and force Landry to win her back over and over again. The show that gave you Eric and Tami could have also given us one high school relationship with some staying power. Yes, high school is chaotic, but if Tim and Lyla is your most stable couple, maybe you're being too tough.

I guess you could say it was all worth it, though, when you heard Tyra read her college application essay the other night ...

Stu: Yeah, that scene was chilling, and it brought to the forefront all the challenges that Tyra faced, though she did create some drama on her own. I also loved the episode where assistant coach Mac is accused of making racist statements. Really powerful stuff.

But, for sheer joy, I'll say my all-time favorite is "Mud Bowl," which aired near the end of the first season. When the Panthers can't play at home because of a nearby explosion, they end up playing for the right to play for state in an abandoned field in the middle of a cow pasture, in a driving rainstorm as the players are sloshing and sliding all over. It was pure exultation, playing for nothing but love of the sport.

Jon: The point is, we could spend all day and not run out of great "FNL" moments to rehash. Whatever happens, this is a classic show that will only grow in stature as time passes.