Walking in to the studio hand-in-hand, the duo, who co-hosted Live with Regis and Kathie Lee from 1988 to 2000, sat down with Matt Lauer to talk (and laugh) about their dynamic.
"We never practiced anything," Gifford said.
"I always thought if I could find someone who could ad-lib with me, that's what I wanted to do," Philbin added.
The old pals then co-hosted the fourth hour of Today, with Philbin filling in for Hoda Kotb. But apparently someone forgot to tell the announcer — Philbin was accidentally introduced as Kotb. Oops!