While we’ve been busy with our spreadsheets and slide rules, trying to figure who the big winners will be come Sunday night, Time’s Richard Corliss is just getting around to giving his picks for the 1998 Oscars. No, Corliss hasn’t slipped through some sort of wormhole in the space-time continuum. Instead he’s presenting Time’s First Annual Re-Oscars.

The premise is that the Academy may have occasionally made a mistake or two over the years, a controversial notion we’re nonetheless prepared to embrace. "What we're offering is a second chance at the Academy Awards handed out on March 23, 1998," Corliss writes. "To a lot of people, the record eleven Oscars that James Cameron's Titanic lapped up that night were suitable acknowledgment of a much-loved movie that quickly became the top box-office attraction in film history. We're asking how Titanic, which was named the Best Picture of 1997, and the performances that won in the four actor categories have stood the test of time. And we're answering: Eh, not so well."

If your memory of the films that challenged Titanic for Best Picture that year is a little shaky, we don’t blame you. Somehow we’d forgotten those timeless classics As Good as It Gets and The Full Monty were nominated as well, although with guns to our heads we probably could have guessed Good Will Hunting made the final five. Given those choices, we’ll go along with Corliss’s selection of L.A. Confidential as the first Re-Oscar winner, although his reasoning is a little shaky: “A guilty secret of film criticism is that reviewers often lavish their fondness on modern versions of the kinds of genres they don't make any more. Thus The English Patient, a film in the David Lean epic tradition, was my choice for best film of 1996. L.A. Confidential is a time trip back to the period in which it's set, the early '50s, when film noir (as the French called Hollywood's crime dramas) argued that postwar optimism was a lie — that brutality and betrayal lurked around the every city street corner, where the cop on the beat might also be on the take.”

Corliss also reminds us of one of the laziest Academy decisions in recent memory: Jack Nicholson winning his third Oscar for his Jack Nicholson-esque performance in As Good as It Gets. "Nicholson had lost an Oscar a few times when he deserved one: in Easy Rider, Five Easy Pieces and especially Chinatown, a great performance that lost to Art Carney's turn as a lonely older guy with health problems in Harry and Tonto. . . Chalk up Nicholson's third Oscar as an early Life Achievement Award." Instead, Corliss chooses to recognize Peter Fonda’s nearly forgotten turn in the all-around understated Ulee’s Gold. Hey, we’re happy for him. For the rest of the ReOscar roster, click here.