Academy Award nominations will be announced January 27. The Oscars rank above the Super Bowl and below March Madness for cold weather TV viewing. I ignore all the music and TV awards, Golden Globes, People's Choice, etc., but I do enjoy the Oscars. Despite the phony red carpet interviews, political grandstanding, boring categories, and the sheer length of the show, I love seeing the lists of nominees and rooting for my picks.
If you want to get to predicting early, the 2003 Film Awards page at Metacritic is the place to look. They have a comprehensive list of everything pertaining to major film awards.
Their Top 10 summary infographic is a well done display. Return of the King, Lost in Translation, Mystic River, and Master and Commander are Best Picture nomination locks. American Splendor might get the requisite dark horse slot.
Bill Murray has won almost every Best Actor award given so far. If nothing else, I'm watching the Oscars to see him win. I think that would make him the first Academy Award winner from my high school.