Billy Bush Busts Out the Sweatpants & Flip-Flops

Billy Bush has been off the job for only a day ... but he's already in full relax mode.

Paps got Billy out in Encino Monday in sweatpants and flip-flops.

Billy's apologized for his part in the "Access Hollywood" video but it clearly didn't sit well with his bosses. He's been indefinitely suspended, and NBC sources say it's highly unlikely he'll return to "Today."