Click through the gallery to see clips from all the nominees, followed by predictions from WTOP Film Critic Jason Fraley.
Who Should Win: Amy Adams
Cate Blanchett is the clear favorite for "Blue Jasmine," but seeing as she's already won in the past ("The Aviator"), I'm pulling for Amy Adams in her fifth nomination after "Junebug," "Doubt," "The Fighter" and "The Master."
Not since Kim Novak in "Vertigo" has an actress delivered such a sexy dual role as Adams alternates between her true identity, Sydney Prosser, and her fake British identity, Edith Greensley. You can't take your eyes off her every second she's on-screen.
Who Could Win: Sandra Bullock
If Blanchett and Adams split the vote, an outside force like Sandra Bullock could slide in, but it's doubtful at this point.
Who Will Win: Cate Blanchett
Cate Blanchett has picked up all of the major awards, including the SAG Award and the Golden Globe for Best Actress: Drama. The recent Woody Allen controversy could make room for Adams, who won Best Actress: Comedy/Musical. But Blanchett will most likely win for the best plunge into madness since Vivien Leigh in "A Streetcar Named Desire" (1951) and Gena Rowlands in "A Woman Under the Influence" (1974).