Colbert also proved that he's quite good at impressions, at least when it comes to the country singer. Wearing a cowboy hat and denim jacket, Colbert got into the spirit of the evening and celebrated Keith by covering his 2005 hit "As Good As I Once Was," which you can watch at Billboard.

The tribute didn't stop there, though--Colbert also delivered a hilarious speech, recalling his favorite encounter with the Big Dog. "Now, it is possible that people ask, 'Why the hell is Stephen Colbert honoring Toby Keith?'" Colbert wondered, according to Billboard. "I don't know why they asked me to show up, but I'll tell you why I showed up. When Toby Keith was first on my show ' [I] said 'Listen to what this man was gonna say and sing, and I just might have a good time' --and that was pretty much the reaction he had to Toby Keith: once you listen to what he has to say and sing, everybody has a good time.