Does "Subdued Send-Off, but Leno Is Exiting on Top" mean...?

It's not very well written, and, of course, it's a headline. I think (without a great deal of confidence) that the writer implies that the "send-off" is subdued because late night, network television is not as important as it once was. Leno is quitting, he is not beginning to quit. He is at the top of his particular, professional niche--late night television host.

I still didn't get "the "send-off" is subdued " very well.
Send-off, according to my dictionary, means good-bye.
Subdued good-bye, sounds weird.
If it means " late night, network television is not as important as it once was", what does send-off refer to?

Leno is leaving "The Tonight Show," after 22 years. It is the most important late night television show on the American Television networks. The context you provided doesn't make clear if the send-off is subdued because late night network television is no longer as important as it once was, or if the send off is subdued in the sense that there is no special program planned for his last night on the air.

Cool.