Best Picture can have up to 10 nominees now largely as a result of TDK NOT getting a BP nom. The thing about the Oscars is it's not actually a stamp of quality. It's basically a hybrid of fantasy football and a political campaign for the film industry. That's the level I follow and enjoy it under. It tickles the same parts of my brain as Trade Deadline day etc.
It's value is a historical window in what folks thought was 'important' at the time.
See Oliver! winning in 68 followed by Midnight Cowboy in 69.
A pretty stark shift towards the American New Wave there.
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