Now that the nominations have been announced, we offer you our analysis on who will win the major awards on Oscar night. There could be a few very competitive races that will go all the way to the wire. Here we go.

Best Picture: ‘The Artist” vs. “Hugo”

Yes, “The Artist” is the overwhelming favorite, having won the Broadcast award, the Golden Globe, and Producer’s Guild and the Director’s Guild awards. But there have been big upsets in the history of the Oscars. Just look at “Brokeback Mountain.” “Hugo” is a lovable film, directed by a prestigious director (Martin Scorsese), and it comes in with the most total nominations, 11 to 10 for “The Artist.” It also has had more success at the box office. What does that all mean? Quite simply that it has a chance. Odds are still with “The Artist.” It has the look of a winner, is backed by the Weinstein power machine, and is in all aspects the better and more memorable film.

Best Actor: George Clooney vs. Jean Dujardin

It’s a dead even race. Thanks to Dujardin’s unexpected Screen Actor’s Guild win, this is the tightest race of the evening. Clooney, who won the Globe and Broadcast award, is respected and admired in Hollywood and does indeed deliver one of the best performances of his career. But in terms of the better actual performance, it’s hard to argue that that belongs to French movie star Jean Dujardin, who smolders on screen as a prideful, fading silent film star. Dujardin makes you feel for his character every minute of the film. Clooney, though a little overweight and haggard-looking in the film, is still Clooney. But since the Academy will probably want to honor “The Descendants” in some way, Clooney may still triumph. We’re sticking with Dujardin for now by a hair.

Best Actress: Meryl Streep vs. Viola Davis

These two friends, who co-starred in “Doubt” face off against each other in the other closest race of the night. Streep is a living legend and overdue for her third Academy Award. Many voters may find it hard to believe she has only won twice despite being nominated 17 times. Davis, though, is the emotional core of the more accessible film, Best Picture nominee “The Help.” If some voters don’t get around to seeing “The Iron Lady,” Davis could repeat her victory at the Screen Actor’s Guild Awards.

Best Supporting Actor: Christopher Plummer vs. the field

This one is in the bag. 82 year old Christopher Plummer has won every major precursor award and the Academy will surely take this opportunity to honor him for his extraordinary film career. It doesn’t hurt that he was terrific in the role of a lifetime, a terminally ill gay man who comes out of the closet.

Best Supporting Actress: Berenice Bejo vs. Octavia Spencer

For the record, Spencer is nearly as strong a lock as Plummer to take home this Oscar. She has won all major precursor awards as well. However, there is one plausible scenario for an upset, and that is if Spencer splits the vote with co-star Jessica Chastain and the Academy truly falls head over heels in love with “The Artist” and decides to let it sweep the awards. Bejo is a relevation in the film and would be a worthy surprise winner.

Best Director: Michel Hazanavicius vs. Martin Scorsese

On paper, it looks like Scorsese should be favored, but this award usually matches up with Best Picture. Hazanavicius won the prestigious Director’s Guild Award and it is indeed extremely rare for the DGA winner not to also take home the Oscar. Besides, an exquisite film like “The Artist” didn’t just direct itself.