‘Good Morning Arizona’ co-host Kaley O’Kelley was conducting an on-air interview with radio personalities Johnjay and Rich on Monday when it sounded like she committed live TV’s ultimate faux pas. Or did she?

She was talking Twitter with the DJs, and Johnjay was explaining how he now gets all of his news from the microblogging service. Then Rich interjected with an example: According to something he just read on Twitter, Peyton Manning had just signed with the Denver Bronocs.

Listen to how O’Kelley reacts to the news below. (Potentially NSFW.)

It certainly sounds like she dropped the F-Bomb.  Perhaps she was frustrated because the future Hall of Famer didn’t end up signing with her hometown Arizona Cardinals.

But upon further review, with a pair of headphones, it would seem that no on-air foul was committed. What O’Kelley is more likely saying is “I just lost a buck,” as in “I didn’t have Denver in my where’s-Peyton-Manning-going-to-go pool. Now I owe Ted the Weatherman a dollar.”

The person who should’ve been cursing at about that time is incumbent Bronco’s QB Tim Tebow, who finds himself out of a job. However, given Tebow’s reputation for clean living, maybe he caught himself and said “buck” too.

What do you think? Did the newscaster drop the “f-bomb” on-air?