Update: AMC says “Mad Men” will not be canceled; it’s still set to return in 2012.

This might be the time to gather together and say a prayer for Don Draper.

According to Deadline, talks between “Mad Men” creator Matthew Weiner and AMC/Lionsgate have broken down again. According to the Web site’s report, a fifth season for the ad agency drama has not been made official because Weiner does not want to agree to three terms: incorporating more product placement into the series, cutting two minutes off of each episode’s running time and eliminating two regular cast members from the payroll.

Of course, Weiner — who is poised to make $30 million for the next two years if he can make this deal work — has been at odds with the network in the past and managed to overcome it. Let’s hope that’s the case this time as well. Because, frankly, I don’t want to live in a world where I have to spend the rest of my life wondering what happened with Don and his out-of-the-blue fiancee Megan.