We now rejoin the telecast, already in progress.

Bud: And we are back to the beautiful Bellagio hotel in sunny Las Vegas, Nevada. For ESPN2, I'm Bud Kanz, with my partner, Bobbi Schrager --

Bobbi: Hello.

Bud: Bobbi, we're now just minutes from the start of the Oscar telecast. We've finished the preliminary rounds. Tell me -- what have you seen so far today from our four players that's surprised you?

Bobbi: Well, Bud, first of all, let me just say that we're seeing today is professional Oscar-pool picking at its best. These players are at the top of their field. That said, I'm shocked that Tex Anson, a two-time world champion, went with Clint Eastwood for Best Director. I mean, I love Eastwood and I was a big fan of Unforgiven. But I just don't think Mystic River is strong enough to sway the Academy away from Peter Jackson.

Bud: A lot of people in the gallery seemed to agree with you, judging from those boos.

Bobbi: Bud, my sources tell me that Anson has a real soft spot for Eastwood. I think that's going to cost him here tonight. You know, there's an old saying among Oscar pool players: Root with your heart. Vote with your head.

Bud: That's a sensible philosophy -- and one that helped you to three world titles of your own.

Bobbi: It was a simpler sport back then, Bud. We didn't have DVD screeners -- or Miramax, for that matter. Back then, you just went with the Brits and hoped for the best.

Bud: You're too modest, Bobbi. Now, before we return to the action, I have to ask: what do you make of the newcomer, Samir Khan?

Bobbi: Very impressive, Bud. This former junior champion is coming off a solid finish at the SAG Awards Pool in Tempe, Arizona, so he's playing with a hot hand. But he's really turned it up a notch here tonight. He's shown he's a gutsy picker who's not afraid to put a check in a box.

Bud: What's surprised me, Bobbi, is his boldness right across the ballot.

Bobbi: We all knew Khan was strong in the Original Song and Costume Design categories. But he's really come out firing with his picks in Animated Short Film and Visual Effects. Simply stunning.

Bud: The judges have signaled three minutes to the start of the telecast. That means it's time for our players to fill in their picks in the final three categories -- Best Actor, Best Actress, and Best Picture.

Bobbi: Listen to that crowd, Bud! Simply electric. They know that this is where Oscar Pools are won and lost.

Bud: Looks like Tex Anson's going with Sean Penn for Best Actor, as expected.

Bobbi: A risky pick. But remember, Anson nailed Jim Broadbent for Best Supporting Actor in 2002. So you can't discount his instincts.

Bud: To his left, we have Lorraine Schreft, the pride of Memphis. I've got to say, her picks tonight have been shaky.

Bobbi: She's definitely showing some nerves, Bud. Schreft won her office Oscar pool at FedEx eleven years running, but remember, she only joined the pro circuit two years ago. I think she's still finding her rhythm out there. I'll tell you one thing -- her pick tonight of Brother Bear for Best Animated Feature is going to haunt her for a long, long time.

Bud: She's registered her Best Actor selection: Bill Murray.

Bobbi: Oh, she's back on track! She's got to be happy with that pick!

Bud: And Samir Khan goes with...Bill Murray as well. No surprise there, Bobbi. And now, rounding out our foursome, we have actor Omar Epps, who earned a seat at the table with his stunning come-from-behind victory last year on FOX's Celebrity Oscar Pool.

Bobbi: He's the only one who picked Adrien Brody and Roman Polanski. That late surge left Matt Damon speechless.

Bud: Epps is considering the nominees. And he's going with...Ben Kingsley! Wow, I didn't see that coming.

Bobbi: Kingsley's a past winner, House of Sand and Fog was a real downer and it was a box-office dud to boot. In other words -- an obvious pass. Epps is showing his inexperience here.

Bud: He's playing at the adult table now! Next up: Best Actress. Bobbi, are we simply going to see a Charlize Theron sweep right across the board?

Bobbi: If you believe the so-called experts, then...yes. But that's what separates these players from the amateurs -- when everyone else says Vanessa Redgrave, they say Marisa Tomei.

Bud: This round kicks off with Schreft -- and she's picked Theron.

Bobbi: Playing it safe, Bud. I'd be very surprised if Khan doesn't go the same way -- yes, yes he does.

Bud: With everyone going for the young South African, it's going to hard for any of these poolsters to separate themselves from the pack. Let's see what Omar Epps is up to. He's conferring with the judges; he seems to be slightly confused.

Bobbi: Bud, I think he's asking about -- Nicole Kidman!

Bud: Yes! It seems that Epps does not realize she was not nominated! Omar, check your ballot!

Bobbi: This is a major blunder, Bud. I haven't seen anything like this since Richard "The Envelope" Roberts walked out in protest over Kevin Costner's Best Director win in 1990. Unbelievable.

Bud: Epps is scrambling now...he's only got ten seconds to choose! He's scanning the nominees -- and he's made his choice: Keisha Castle-Hughes.

Bobbi: That's got to be a huge disappointment to the Epps camp.

Bud: Epps is now essentially out of the running. This leaves an opening for Tex Anson, the wily Georgian...and he goes with -- Diane Keaton! Now there's a bit of a shocker.

Bobbi: Clearly, Tex is betting it all on a sentimental backlash from aging Academy voters put off by Monster's graphic violence and difficult subject matter. But I think he's seriously underestimated Theron's momentum coming into this ceremony. Makes you wonder if he even watched the Golden Globes.

Bud: Could be a big-time error by the champ. Well, we've seen some surprising picks in these final rounds, Bobbi. With only the Best Picture category remaining, I've got to believe that Samir Khan has an insurmountable lead in this pool!

Bobbi: Best Picture is an absolute gimme, Bud. So unless Djimon Hounsou takes Supporting Actor, Khan's picks are going to be very tough to beat.

Bud: The judges have signaled our players to make their final selections. And here come the picks for Best Picture: Lord of the Rings, Lord of the Rings, Lord of the Rings, Seabiscuit.

Bobbi: Omar Epps is really struggling, Bud.

Bud: It certainly looks that way. We won't know for sure, however, until the final award is announced. Join us back here live as we tally the results and crown our 2004 Oscar Pool champion. Until then, this is Bud Kanz for Bobbi Schrager saying: so long, enjoy the show, and may the names in the envelopes be yours!