And right now there is a bit of panic afoot in showbiz, that with a mere 138 days until showtime, the Academy of Motion Pictures Arts and Sciences still hasn't decided on a helmer for the trophy trot. Nikki Finke reported last week, that last year's host and producer, Hugh Jackman and Bill Condon, are planning not to return to the Kodak stage. The pair's up-market, olde-timey glamour version of the show, gave Oscar its first ratings uptick in seemingly forever; a dramatic break in its long slide into irrelevance. ("What an honor for the Aussie actor" grandma Nikki writes of the of the Academy's desire to bring Jackman back to the show.)

UPDATE: Since the writing of this item, the producers have been named...and they are...Hairspray director Adam Shankman and former Fox CEO Bill Mechanic.)

Every year, Hollywood debates the question of how to update an event that is inherently the stodgiest thing thing on Earth. For starters, the thing that Oscar was conceived to honor — big glitzy prestige films — don't exist anymore, so the show will from now until forever be torn between giving their statues to little independent films that no one saw (and hence, that no one wants to see an awards show celebrating) or trying to find ways to squeeze nods to Dark Knight into a show that will never actually honor such popular films.

And for that matter, what with the media attention span being half a second long these days, if you are talking about movies that came out last year, you might as well be giving a lesson in like, the Cold War or Vietnam or something.

Not to mention — three hours of people in tuxedoes getting trophies and making speeches?!? In the epoch of cat videos!? Is this some kinda of Twilight Zone episode? Is America being punk'd by Oscar?

So what the heck do you do with a still huge but dwindling monstrosity like Oscar? Basically you can embrace the future or deny it, and either route has its merits. Here's our suggestions for the roads Oscar could take:

EMBRACE THE KIWANIS WITHIN
Oscar is never, ever going to win over these kids today, so go with your strength. Lead with the stodgy; you'll play well to your base and once every decade and a half, catch a retro wave. These days the Hollywood establishment is the aging Baby Boom generation, who are bound to actually become cool one of these days.
Host: Billy Crystal
Producer: Jeffrey Katzenberg
Ideal Best Picture Winner: Braveheart
Opening Number: A Rockettes lead a musical tribute to the films of screenwriter Ron Bass, high-stepping to the greatest moments from Rain Man, Snow Falling on Cedars and Dangerous Minds.
Clips Reel: A complete recap of The Today Show reporting the weekend grosses every Monday morning of the past year.
Log Line: This IS your grandfather's Oscars.

DRINK THE GLOBES UNDER THE TABLE
The reason why the Golden Globes have held their own against the declining Oscars is liquor. The dinner setting of the Globes show has traditionally meant well-lubricated winners making some of the more free-wheeling, demented speeches of awards season. Well, two can play at that game. Mandatory tequilla shots and forced picks from the mystery wheel of amphetamines for all attendees.
Host: Jack Nicholson
Producer: Ben Silverman
Ideal Best Picture Winner: Couples Retreat
Opening Number: Stars careen to their seats on a giant Slip 'n Slide placed down the aisle.
Clips Reel: The best moments of buddy comedies, guys who love to laugh with each other.
Log Line: Come and Get It!

POST-MODERN OSCAR
Pander completely to Hoodie Nation with an all self-referential celebration of quirk.
Host: Michael Cera
Producer: Spike Jonze
Ideal Best Picture Winner: (500) Days of Summer
Opening Number: Michael Cera sits on the floor of the Kodak stage listening to the mix tape he has made for an impossibly cool girl featuring acoustic remixes of John Hughes soundtrack songs. As we watch, the audience travels inside a giant movie screen and from the perspective of the Oscar nominated films, we watch Cera go to the movies with the impossibly cool girl, but never get to first base.
Clips Reel: Great Moments in Mentioning Bands During Movies.
Log Line: Oscars? What?

LOGANS RUN
The tweens have taken over entertainment; how long does Oscar think it can hold out anyway? Show Oscar's commitment to staying relevant by terminating the careers of any actor over 35 on live TV.
Host: Vanessa Hudgins
Producer: The Kardashians
Ideal Best Picture Winner: New Moon
Opening Number: 50's style sockhop dance number as George Clooney, Angelina Jolie and all the old people in the audience are loaded onto the original Sputnik rocket and blasted into outer space.
Clips Reel: The progression of Taylor Lautner's abs, from flaccid to six pack.
Log Line: This is on, bitch.

GANGSTA OSCAH
When you get down to it, the Academy is the original original gangsta.
Host: 50 Cent
Producer: P Diddy
Ideal Best Picture Winner: Final Destination 3D
Opening Number: The Kodak Theater is transformed with gold plated chandeliers and stripper pole while a car chase screeches through the lobby, ending in a cataclysmic explosion on stage.
Clips Reel: The history of on-screen bling.
Log Line: Don't Forget Who Brung You.

THE REALITY ACADEMY
Turn the show into a real time competition with bug eating contests, relay races and back stage confessionals.
Host: Ryan Seacrest
Producer: Nigel Lythgoe
Ideal Best Picture Winner: Step Up 2: The Streets
Opening Number: Nominees forced to perform a Polish mazurka, with one catch; one mis-step and the plummet into a tub of a million centipedes — and lose their shot at taking home Oscar.
Clips Reel: Night vision cameras placed in the hotel rooms of the stars while on set reveal secret celebrity hook ups — and a few drunken nights with a key grip or two.
Log Line: Oscar Wild!

THE TMZ OSCARS
Why fight it anymore? Throw down the barricades; let the paparazzi hordes loot and sack the kingdom, enjoy the rush of attention that the train wreck will bring. And whomever is still alive after showbiz has been reduced to smoldering ruins — let them figure out what to do next.
Host: Perez Hilton
Producer: Harvey Levin
Ideal Best Picture Winner: One Night in Paris
Opening Number: Celebrities are vivisected before the audience's eyes, the last remnants of their souls are ripped out and and then eaten, buffet style by the nation as a whole.
Clips Reel: A million Tweets are simultaneously projected directly into viewers' frontal lobes.
Log Line: We're Here.

· Heart's Nancy Wilson has taken umbrage at the use of their band's song "Barracuda" to introduce Palin at the RNC (Palin earned the nickname "Barracuda" during her high school basketball days). "I think it's completely unfair to be so misrepresented," she said to EW. "I feel completely fucked over."

· Diddy has much warmer feelings toward the vice presidential candidate, though they're expressed in equally blue terms. "You did your thing," he said on his Diddy Blog after watching Palin's RNC speech. "You gave a speech that pretty much shut me the fuck up."

· "The idea that people who voted for Hillary, who tend to be Democrats, would change and vote for McCain because of Sarah Palin seems to me bizarre," said actress Annette Bening while on promotional duties for The Women. "I find that an odd idea because of course Sarah Palin's politics are to the right of McCain's. She's incredibly conservative and I think it's fair to say she's more conservative than John McCain. So whether she will rally more conservative people to get out there and vote, I don't know. But most of the people I know that were interested in voting for Hillary are voting for Obama."

· Project Runway judge Nina Garcia thinks Palin could use a makeover. ""She has promise," Garcia told Us. "She just needs to lose those glasses. Get them lasered or something."

· Frequent VH1 talking head Simon Doonan disagreed, positing that you can take the glasses away from the moosehunter, but you can't take the moosehunter away from the glasses shop. “Oh, she is so LensCrafters I just don’t even know where to begin," he told New York. "People keep saying to me, ‘She’s Miss Congeniality.’ I’m seeing more LensCrafters."

This week's installment also includes: Clint Eastwood, Jerry Seinfeld, Ryan Phillippe, Kirsten Dunst and Justin Long, Farrah Fawcett, James Woods, Dane Cook, John C. Reilly, Lauren Conrad, Ellen Pompeo, P. Diddy (twice in the same night!), Jared Leto, Kevin Federline, Sandra Oh, Seth Green, Balthazar Getty, Pete Wentz, Briam Baumgartner, Zachary Levi, Ciara, Adam "Seymour Butts" Glasser and more.

TUESDAY, AUGUST 21
· Sitting in a booth at the recently re-opened Fab's on Van Nuys Blvd in Sherman Oaks at 8pm, Mr. "Hey, Spike Lee, Shut Your Pie-Hole" himself, CLINT EASTWOOD, speaking in hushed tones while dining with Sinatra's favorite opening comic, Tom Dreesen. I couldn't hear if Clint said to the waiter, "Go ahead, make my Chicken Marsala." Even at 93 [Ed. Note: He's actually only 78], Clint looks like he could kick some serious butt.

FRIDAY, AUGUST 22
· It was celeb night on Friday 8/22 at the AMC theater at the Century City Mall. Spotted PETE WENTZ standing outside with friends. His hair is flat ironed to oblivion and he is short, almost alarmingly so. Kept his hoodie on the whole time. Jessica's pregnant sister was nowhere in sight.

Then, a few minutes later, ELLEN POMPEO (that's Meredith Grey to you) walked by hand-in-hand with her hubby. Super skinny and wearing gross, skin tight white jeans, white shirt with trashy sky high black heels. They were in a rush which made her look like she walks funny because she clearly couldn't handle those heels. We decided she was dressed like a Staten Island prostitute.

We decided to hold out a few more minutes on the hope we would spot an elusive A-lister. And before we knew it, PUFF DADDY walked by sans entourage! He is indeed puffy. Mr. Mogul needs to get back to running marathons for charity. He was wearing sunglasses. At 10:30pm. And he was texting while walking briskly. Who says men can't multi-task?

· Equinox West Hollywood. PUFF DADDY (again!) makes his entourage wait in the juice bar while he grabs a steam.

· JUSTIN LONG and KIRSTEN DUNST were spotted Friday night at the Dragonfly, checking out the show Point Break LIVE! She sat behind him w/ her girlfriends, but Justin kept turning around to talk to her & see her reaction to the craziness onstage.

·Bristol Farms, West Hollywood, 5:30PM (ish). Looking determined to get out and towing a tow-headed child: RYAN PHILLIPPE. Taller than I would have expected, and beefier (but by no means tall). I don't know if he's moved to the neighborhood but the shopping cart was brimming. In case he is, a word of advice: I know it's technically West Hollywood, but the look you should be going for should be more "Daddy out shopping for groceries with my kids on Beverly" and less "Out shopping for a Daddy to buy my groceries on Santa Monica".

SATURDAY, AUGUST 23
· He's not a household name, but with 33 film and 40 television credits, let's just say I was surprised to see SEAN WHALEN selling blenders at the Burbank Costco on Saturday, miked up, dressed in a white lab coat and white paper hat. He usually plays nerds, but now he's extolling the virtues of raw food smoothies. Ouch.

SUNDAY, AUGUST 24
· Sunday night at the Radiohead show. Saw SANDRA OH with several dudes scrambling to get to their seats. She looked flustered, yet excited. Also saw SETH GREEN in line between songs waiting for beers. He was sporting a trucker hat and has a big, shaggy red beard. He looks like he belongs under a bridge waiting for three billy goats gruff.

Lastly, also saw BALTHAZAR GETTY near the beer line between songs, wearing douchey skinny jeans and chomping on cigarettes. Dude looked like he was having way too much fun, like he'd just ditched his wife and kids for a hot chick who likes to bang while only wearing a sailor's hat. Oh, wait...

· As I approached the cool 'n' groovy Santa Monica/Fairfax Whole Foods, I saw two paps outside aiming their lenses into the store. Store security blocked their view. I heard someone say, "She's the one in orange," and then noticed LAUREN CONRAD in a cute orange summer dress, casual hair, grinding her own peanut butter near the bulk grains. No, she did not have an assistant to pour in the peanuts and press the button for her. When I left she was checking out, the paps were lining up, and the Whole Foods security guys, looking vaguely energized, were preparing to escort Ms. Conrad to her vehicle.

MONDAY, AUGUST 25
· Monday night, Radiohead at the Bowl. After briefly encountering JARED LETO (dressed a bit like Shia in Indiana Jones) on the concourse leading a small scuzzy posse around and claiming that he had extra seats, I was surprised to see him all alone in the pool circle up front where I was seated (second row, yo!). Jared apparently ditched his "boys" and tried a bum rush to get up front as the lights went down. Multiple security guards stopped him and he immediately went into "Don't you know who I am?" mode. At first it was high-larious, but then it became a bit pathetic. And then it became a lot pathetic. He just would not give up. It didn't matter. They hauled him away just before the band came out and killed it.

I'd like to believe that Radiohead hates Jared's stupid fucking band and the noise pollution he calls music as much as I and everyone else at the show does, and that they ordered security to remove him from their immediate vicinity, but more than likely Thom Yorke has never heard of 30 (Minutes? Miles? I refuse to google.) to Mars. To Thom, it was probably just another dumb asshole without a ticket getting the boot from the front. Which is exactly what it was.

·Saw JAMES WOODS on 8/25 on Burton Way near Raffles L'Ermitage Beverly Hills. He was on the phone and completely plugged into it. Looks pretty good for a man his age. No sign of his 20 year old girl anywhere.

TUESDAY, AUGUST 26
· Comedy Antichrist DANE COOK was at Crunch. His name was on the marquee at the Laugh Factory across the street, so I'm guessing it was some sort of pre- or post-show routine. If you imagined that he'd work out in a backwards baseball cap and muscle shirt, thereby confirming your image of him as a superannuated, doughy-faced, overgrown frat boy - you'd be correct.

WEDNESDAY, AUGUST 27
· Two fun (separate) sightings. Saw Kevin (BRAIN BAUMGARTNER) from Scrantonicity (and, yes, The Office); and, Chuck (ZACHARY LEVI), from, well, Chuck at the Studio City Starbucks. Both taking meetings around the corner at the NBC/Universal building? Kevin wearing shorts, Chuck driving a gas-guzzling Chevy Tahoe. Bad choices, boys.

· Eyed R&B sensation/masturbation fantasy CIARA placing a to-go order at the El Pollo Loco on Sunset and Crescent Heights around 4:40pm. Body was insane.

· I was walking back to my office from Rick's Tavern yesterday around 8:35pm going South on Main St when, lo and behold, JERRY SEINFELD was walking the opposite direction. He was with a group of like 3 or 4 friends and looking casual but good. Hoodie and glasses and admiring the motor bikes parked on the street.

· Saw Seymore Butts (born ADAM GLASSER) in the Miracle Mile Marie Callender's today. No cameras, no nudity, no sex acts being performed. But seriously, I saw Seymore Butts!!!

FRIDAY, AUGUST 29
· Walking through the hallways of a building deep in the heart of Toluca Lake around 3:30pm is FARRAH FAWCETT. Farrah raised her head to look me in the eye with a a look that said "Yes I am Farrah Fawcett and don't talk to me" Farrah had heavy duty perfume situation going on that wafted in the hallway well after she left the building. Christie Brinkley is about the same age as her but Farrah looks like she has been through the ringer and had a rough, rough hard drinking, hard partying, heavy tanning life. Use sunscreen, kids. Use Sunscreen.

· Not sure if KEVIN FEDERLINE is a real "sighting" but we saw Father of The Year at Malibu Seafood on Friday. Did not look overly douche-y. Was with a few guys, both whom I recognized but neither that I could place.

· We saw JOHN C. REILLY out in Dublin's (as in, Ireland) posh south side last Friday. We couldn't remember his name right off. We called him "Not-Will-Ferrell". He didn't seem to mind.

[Photo Credit: X17]

• Diddy Blog #10: Bitchassness Alert Level Orange [YouTube]

As Diddy says, "I'll have a manicure and pedicure — and yes, I wax as well. Men owe it to women to make sure they are well-groomed. I wax my privates. I also wear my fragrance, Unforgivable Black." And Jay-Z simply states that "bald is beautiful." Beyonce and whoever Diddy is schtupping these days are so lucky!

But If emulating your favorite artists wasn't reason enough, rumor has it the male Brazilian also makes you look bigger down there. So what say you, ladies and gents? Does this new trend have legs or should it be ripped out at the root? Leave your thoughts in the comments.

• The Male Brazilian: Catching On? [College Candy]

While no studio or production company affiliations have yet been announced, Diddy already knows what actress he wants: Sienna Miller or Angelina Jolie. Both are beautiful, captivating and emotive women. Oh, did we mention this is a comedy? Not to fear, though, since Diddy plans to land Eddie Murphy as his star. A cinch!

Before he gets too far, someone better tell Diddy that he can’t “sample” screenplays, or Murphy might find himself talking about pork belly futures and women from Queens all over again.

• Combs Turns Screenwriter [WWTI]