Fair enough, I'm meant to be working today too
It may be a question of definitions. For me, the acid test might be something like "if the individual actors were arbitarily changed, could we expect the system to behave in the same way?" if the answer tends to be yes, then it's not a conspiracy, but rather a systemic problem that's being described. I think that's what's happening in Chomsky's stuff about e.g. the capitalist media.
I don't think Chomsky (& Herman) are claiming that some shadowy elite manipulate the media. I think they're claiming something along the lines that the media manipulate
themselves in response to systemic economic and political pressures, albeit in a way that serves elite interests. So their argument resembles market theories rather more than conspiracy theory.
In reference to the points you say I'm not replying to above, I think they're factually wrong, at least when applied to the "Propaganda Model" stuff (I'm not so certain about Chomsky's various interviews and articles because I haven't read all of them and in some of the ones I have read I think that he's being less precise than he is in his major works). I do think that you might have a point when you say that this stuff 'encourages' conspiracy theory, insofar as it's an influential critique which in effect says: "the official version of reality presented in the media is, at least in part, propaganda serving elite interests and filters out inconvenient truths"
I can see how that encourages conspiracy theories, because it does support the notion of a false "official" reality which tends to obscure atrocious crimes.
That doesn't make it a conspiracy theory itself though, at least in the sense in which I understand conspiracy theories. For me, a conspiracy theory is one which argues that "official reality" is being conciously manipulated by a cabal of powerful individuals, scaly or otherwise, for nefarious and secretive ends. Whereas Chomsky & Herman are arguing that 'official reality' is shaped by a set of economic and political forces which aren't a bit mysterious, through which elite interests are mediated, rather than by any secret cabal pulling strings.