Actually, it IS over.
Jerome is going to see Newman come crashing through New York City, a sort of Postal Godzilla. He's going to eat Elaine, George, Kramer, Puddy, Peterman, and anyone else who has been on the show. Jerry is watching the horror unfold on television news. A hand comes crashing through the studio wall, and the newscasters disappear. They're going to flash by as a blur, calling out to Jerry for help. Jerrry yells, trying to get Newman's attention by waving some article of food in the air -- possibly an immense turkey leg. Alas, to no good. All of Jerry's friends, acquaintances, business partners and chance encounters will disappear down Newman's voracious maw. The giant Newman looks around and sees an empty city. Then he notices Jerry, who looks around and sees that no one is left. He hears Newman's evil laugh and turns to see a Giant Hand reaching for him. He throws up his own arms for protection and yells, "No, no! Newman!" or "Did you ever notice how giant monsters never fight out in the countryside where there's plenty of room?".
Then Jerry will wake up, thrashing: a) on his couch. He answers a knock at the door and it's Kramer, "your next door neighbor" as in the pilot episode.
b) next to Suzanne Pleshette.