Did Comedy Central really not allow them to show it, or was it all a joke? I never saw any articles or heard anything about a conflict between the show and the network other than what appeared on the show.
I honestly don't know, but I'd trust Matt & Trey before any network. My guess is its based in truth if nothing else.
I think that not showing MO was the way to make their point. This two part episode had a lot of levels. It was a total dig at CC and I don't think that the writers ever intended to show MO.