Billy Bush Officially Done at 'Today' ... NBC Pays Up

10/17/2016 3:49 PM PDT

Billy Bush Officially Done at 'Today' ... NBC Pays Up

EXCLUSIVE

Billy Bush and NBC have reached a financial settlement on his "Today" contract ... officially ending his employment with the network after the Donald Trump tape leaked. 

Sources with direct knowledge of the negotiations tell us Billy is happy with the final numbers ... which are confidential. As we reported, Bush had just joined NBC's flagship show in August, signing a 3-year deal for $3.5 million per year.

NBC suspended him after the "Access Hollywood" tape came out 10 days ago. Our sources said Bush felt the punishment was unfair because he'd openly talked about the tape in front of his bosses ... and was never disciplined.

We're told he felt like a scapegoat and was cut loose purely for PR reasons. 

An NBC memo to staffers said, "While he was a new member of the TODAY team, he was a valued colleague and longtime member of the broader NBC family. We wish success as he goes forward."