Is Michaels feeling the absence of that mighty trio?
"I saw them all within the last week," he said dryly, "so I don't really feel their absence."
But what about viewers?
"I can't concern myself with how viewers feel," he cracked, which made Fey chuckle.
"It's always been that way," Michaels went on, turning serious. He pointed to "SNL" alums Will Ferrell, Amy Poehler and Fey, who all got big laughs as part of Sunday's Emmycast.
"You feel really proud that they're as good as they are, and that you were part of that," he said. "But 'Saturday Night Live' has always been about reinvention, and we're doing it again. That's what keeps the show alive."
On Monday, he and Fey flew back from Los Angeles, where "Saturday Night Live" landed its 40th Emmy (the most for any series in history) and Fey shared the comedy-series writing Emmy with Tracey Wigfield for "30 Rock." On arriving in New York, they went straight to the week's first "SNL" meeting at 10 p.m.
This season promises to be even busier than usual for Michaels, the famous multi-tasker, whose duties now include "The Tonight Show" with Jimmy Fallon hosting from New York starting early next year.
With this promotion, Fallon will leave "Late Night," also part of Michaels' empire. Seth Meyers takes over that hosting assignment.
But for now Meyers will remain at the "Weekend Update" anchor desk, joined by sophomore "SNL" player Cecily Strong.
"Count on Seth through February," Michaels said, "and I think he knows he can stay after that. It will be up to him to assess if he can handle the workload."
Can Michaels handle his mammoth workload? Why not re-hire Fey, whose "30 Rock" has ended its seven-season run, to oversee "SNL" every week and ease his pace?