Oprah Winfrey will face a pay cut if she decides to continue doing Oprah through 2011.

The Queen of Talk’s deals with local stations and her CBS TV Distribution deal expire in fall 2011, and, according to Variety, local network aren’t willing to pay as much for the right to air the nearly 25 year old talk show as years past.

“Stations have made it clear to [Winfrey's production company] Harpo that if she does come back, they’ll significantly reduce the license fees they pay,” one exec tells Variety. “Station revenues are down 40 percent to 50 percent, but they’re paying license fees projected on revenue remaining the same. Plus, her ratings are going down. She’s still the queen, but that’s an enormous problem.”