Will Ferrell Credits Molly Shannon With Saving 'SNL' With One Of Her Iconic Characters In Poignant Hollywood Walk Of Fame Speech

Picture this: Will Ferrell was just three episodes into his premiere on Saturday Night Live.

He join the show right after the SNL team decided to do a clean sweep and let go of its full cast, despite the previous era being one most fans deemed the funniest and most creative, with Adam Sandler, the late Chris Farley, the late Phil Hartman, Dana Carvey, Mike Myers, Chris Rock, and Rob Schneider, aka the "Bad Boys of SNL."

Because of this, many media outlets were calling it "Saturday Night Dead" and counting down its days. Looking back, Ferrell was admittedly among them, wondering how long his stint would last.

But that was when Molly Shannon entered, and everything changed.

This week, Will Ferrell stepped up to the podium and paid tribute to Shannon prior to the unveiling of her star on the Hollywood Walk of Fame. In his speech, he focused on their time together on SNL and, and how he felt that Shannon saved the day.

Ferrell reflected:

"I want to paint a picture: The date is October 28th, 1995."

"It is the fourth episode of the 1995 to 1996 season of SNL."

"We are a brand new cast. It's only our fourth show. No one knows us or if we're any good or if anyone even likes the show anymore."

"It's coming out of a low ebb, 'Saturday Night Dead' were some of the headlines, and we're out there, just kind of throwing things up to see what's going to happen."

"But that night, the host is Gabriel Byrne, and that's the first time we get to see Mary Katherine Gallagher [Shannon's character]."

"I was in the beginning of the sketch, singing 'Sending Out an SOS' by The Police, and I had to run to do a quick change."

"As I was changing, I'm hearing Molly perform the character, and I'm feeling the stands shake with laughter, to the point that I thought, 'Oh my god, I haven't heard laughter like this so far in the three shows we've done.'"

He continued:

"It hit me, and it was such an emotional moment, because I remember thinking, 'Oh, we're gonna be okay. Molly has saved us! Like, at least we have one funny character...'"

"And from that moment on, it was such a momentum change."

"What was so great about Mary Katherine is that it was a trademark of what you [Molly Shannon] do: the character was funny, real, dark in moments... It was an outsider who dreamed, which is what I think you bring to so much of your work."

"It was a moment I'll never forget. It was literally the catalyst for us to continue on, and it was a catalyst for you [Shannon], and you've gone on to have, and continue to have, the most amazing career in everything you do."

"I think Molly Shannon saved 'Saturday Night Live'; I'll say it, right there!"

You can watch Will Ferrell's speech here:

Shannon then stepped forward, kneeled for the unveiling of the star, and clapped enthusiastically in excitement when it was visible to the crowd. She then struck the iconic pose that Mary Katherine Gallagher, an awkward girl with a dream, would strike every time she danced in front of a crowd of people.

Shannon also did some of the usual poses that actors do with their stars, like sitting on the ground with it and posing while standing just at the top point of the star. But then she struck one more Mary Katherine pose, this time going into a full bend, her knee touching the point of the star.

You can see Shannon with her Hollywood Walk of Fame star here:

Fans were happy to see Shannon get the recognition they agreed she deserved.

Everyone has their own sense of humor, but Shannon's—and Ferrell's—styles were exactly what the Saturday Night Live community needed when they joined the show.

Some of SNL's best memories are centered around recurring characters, and Mary Katherine Gallagher is surely one who will go down in comedic history.