I sort of love this story and I don't know why.
Alec Baldwin gave an interview to a NYMag.com where he said that 30 Rock would be coming to an end at the end of the 2012 season since the cast's contracts end around that time.
Trouble is, it seems that may not be the case at all.
I have a feeling that next season may be Jack Donaghy's last at 30 Rock however, since a commenter in the post dismissing the Baldwin-fueled speculation brought up a good point. Donaghy works for GE and with the merger with Comcast (reducing GE's interest in the company to 49%), there could very well be a shakeup in the management side of things at the network.
But the thread that keeps coming up as I read the stories about this particular revelation is this may all be a negotiating tactic on Baldwin's part. And if it is... well played sir, well played.