Yes, it is being broadcast on the CW. That network is also broadcasting a one hour pre-awards show - who knows, Jay may possibly show up on that show as well.
I'm not even sure I get a CW affiliate through my cable company - I'm going to have to check. If you aren't able to watch the broadcast live, I am sure someone will be posting clips from it on YouTube. (I am SO thankful for YouTube - I've caught many things there that I missed in original broadcast.) I'm going to keep my eyes open - we can post related links here, so that everyone gets a chance to watch.