The 1981 Oscar race was generally expected to be a showdown between Warren Beatty’s Reds, a critically acclaimed historical drama about American expatriate journalist, John Reed, and On Golden Pond, Mark Rydell’s much loved film version of the stage hit featuring the first ever teaming of screen legends Henry Fonda and Katharine Hepburn.

The L.A. Film Critics, who were first out of the gate, offered an alternative in Louis Malle’s Atlantic City, a nicely observed piece about changing lifestyles brought to the resort town when gambling establishments moved in. Beatty, not Malle, though, won their award for Best Director.

The National Board of Review was up next, naming Reds and Hugh Hudson’s Chariots of Fire, about the 1924 Olympics, as co-winners for Best Picture. They, too, named Beatty as Best Director.

The New York Film Critics went with Reds as Best Picture, but gave their Best Director award to Sidney Lumet for Prince of the City.

The National Society of Films Critics tipped their hats to Atlantic City for both Best Picture and Director.

The Golden Globes were the first to give an award to On Golden Pond, declaring it their Best Picture – Drama over Reds; The French Lieutenant’s Woman; Prince of the City and Ragtime. Chariots of Fire, which was a British film, and Atlantic City, which was a co-production of France and Canada, competed in the Foreign Film category, which Chariots won. Arthur won the Best Picture – Musical or Comedy award.

Reds, to no one’s surprise, led the Oscar race with 12 nominations, followed, again to no one’s surprise, by On Golden Pond with 10. Next in line was the year’s box office champion, Steven Spielberg’s Raiders of the Lost Ark with 8, followed by Chariots of Fire with 7 and Atlantic City with 5.

The directors of those five films were nominated for Best Director just as they had the Directors Guild.

What then, would the other five nominees have been, had Oscar gone to a ten Best Picture slate?

Let’s assume Karel Reisz’s The French Lieutenant’s Woman, which had been nominated for five, but won none, would have been there. Let’s further assume that Steve Gordon’s Arthur, which had been nominated for four and won two big ones (Best Supporting Actor, John Gielgud) and Best Song (“Arthur’s Theme (Best That You Can Do”) would have been there as well.

The remaining three? How about Peter Weir’s Gallipoli, Richard Donner’s Superman II and Lumet’s Prince of the City?

As Oscar night proceeded, Reds and On Golden Pond each won three big ones, with Reds taking Best Director, Supporting Actress (Maureen Stapleton) and Cinematography, and On Golden Pond taking Best Actor (Fonda), Actress (Hepburn) and Adapted Screenplay. Raiders of the Lost Ark won four technical awards and Chariots of Fire, three. Then came one of the biggest upsets in Oscar history: Best Picture – Chariots of Fire!