April 20, 2017 at 10:52 PM EDT

Bill O’Reilly is down but not out after being dismissed from Fox News in the wake of sexual harassment allegations, and Stephen Colbert has some thoughts about what he might do next.

On Thursday’s episode of The Late Show, Colbert — who long studied The O’Reilly Factor to inform his alter ego on The Colbert Report — said he was “still reeling from the loss.” Launching into an exuberant dance routine, he quipped, “This is reeling, right?”

Nevertheless, Colbert noted that O’Reilly has plenty of options. “Bill’s broadcasting career may have hit a bit of a hiccup — and then exploded in a hail of blood and bone,” he said. “But remember, Bill still has his books, he still has his rage, and his Fox News payout worth a reported $25 million. That is, if you do the math, that is twice as much as they paid his accusers.”

Colbert paused, then added, “Oh my God, you know what that means? Bill O’Reilly sexually harassed himself!”

For further insight into O’Reilly’s future, Colbert looked to his 1998 novel, Those Who Trespass, which tells the story of a TV news host who begins stalking and killing his colleagues after he’s fired.

After reading an ominous passage, Colbert looked into the camera nervously and said, “Bill, buddy … hello, handsome!”

The Late Show airs weeknights at 11:35 p.m. ET on CBS.

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