Four of the five best picture nominees are represented here, with Julian Schnabel (for The Diving Bell and the Butterfly) replacing Atonement director Joe Wright.

The only former Oscar winners are Joel and Ethan Coen, who took a screenplay prize for Fargo (1996). They stand to collect four Oscars each this year if No Country for Old Men takes the awards for best picture, director, adapted screenplay, and film editing (under their collective pseudonym, Roderick Jaynes).

The Coens are the hot favourites for best director, and while Schnabel could be a dark horse, I'd like to believe that Paul Thomas Anderson will win because he deserves it.

THE ODDS

2/11 Joel and Ethan Coen (No Country for Old Men)

6/1 Paul Thomas Anderson (There Will Be Blood)

7/1 Julian Schnabel (The Diving Bell and the Butterfly)

40/1 Tony Gilroy (Michael Clayton)

40/1 Jason Reitman (Juno)