It’s not too late to plan an Oscar party.
It’s one of my favorite kind of parties because anything goes. Be sure to invite your guests soon so they have a chance to work on their costumes.
Ask guests to come in costume that have to do with one of the nominees (film or actor) or wear their old prom/bridesmaid dresses. Or just dress in some way that makes them feel like they are in the audience of the Oscars. Be sure to give a prize(s) for the best costume & take pictures of everyone.
You can ask each person to bring an appetizer and/or their favorite beverage. You might want to serve a champagne punch or signature drink. Nothing wrong with serving popcorn to watch all those movie clips.
Here are some great recipes that add pizzazz on a budget: