Conan to UCLA -- I Can't Replace Everybody!

After James Franco bailed on being UCLA's commencement speaker, the graduating class thought they found a back-up -- but the guy they picked is just a lil' too busy these days.

Almost 2,000 students signed up for a Facebook group dedicated to securing L.A.'s newest famous resident Conan O'Brien to replace Franco. But in an extremely polite statement to the students, Conan says he won't be able to fill Franco's shoes -- because he's too busy filling Leno's:

"I am honored to be asked but I am so busy launching "The Tonight Show" there just is not enough time to give this speech the preparation it deserves. I wish everyone in the class of 2009 the best and I am honored that they thought of me."

Maybe Jimmy Fallon's available?