Regis Philbin may not be on 'Live!' anymore, but that doesn't mean he's done with daytime TV. Tuesday on 'The Talk,' (weekdays, syndicated on CBS) he was crowned the 'King of Television,' and sat on a throne wearing a crown, cape and holding a scepter while he talked about why he left the show he created 28 years ago.

Julie Chen started in on him with a true or false question: "Were you asked to stay at an insulting pay cut?" Regis confirmed that a contract extension at a lower rate was something that he discussed with ABC, but ultimately decided against. But Reeg wouldn't let Chen off the hook that easily. He jokingly screamed back at her, "There was a pay cut as there was in ALL OF THE NETWORKS, HELLO!" Chen awkwardly protested that there hadn't been any cuts at CBS, and the two went back and forth for awhile until Regis mercifully changed the subject.

Regis then clarified that regardless of pay, he had decided it was time to move on. Sheryl Underwood offered a nice way out of the somewhat uncomfortable situation by saying, "And you said you were going to go out while you're on top!"

"That's right, and look what happened to me!" Regis replied, tapping the scepter to his crown.