Oscars: Sean Penn and Stellan Skarsgård in a Two-Way Race for Supporting Actor

Although two-time Oscar winner Sean Penn hasn’t stopped acting over the last decade, he’s been far less prolific than he once was, opting for far fewer roles—and not many of them have been worthy of his talents.

Well, he’s back, and with his acclaimed performance in “One Battle After Another,” he’s not only likely to earn an Oscar nomination but could very well take home the award, delivering a performance so loony, hilarious, and terrifying that I’m having a hard time imagining he won’t win.

No question about it, Penn is one of the greats. His most notable performances include “Mystic River,” “Fast Times at Ridgemont High,” “Bad Boys,” “The Falcon and the Snowman,” “Casualties of War,” “Carlito’s Way,” “Dead Man Walking,” “Sweet and Lowdown,” and “Milk.” Truly, an absolute legend. And only a legend deserves three acting Oscars.

However, the Oscar isn’t necessarily in the bag for Penn—he faces tough competition from Stellan Skarsgård, whose wonderful performance in “Sentimental Value” has earned raves since the film debuted at Cannes in May.

Portraying Gustav, a once-famous director who offers his estranged daughter a role in his comeback film, Skarsgård plays the father in dryly comic fashion and is a total scene stealer. Unlike Penn, Skarsgård has never won or even been nominated for an Oscar, despite an illustrious 50-year acting career that includes five memorable Lars Von Trier movies.

In all likelihood, it’ll be Penn vs. Skarsgård battling it out for the Oscar. The remaining three spots in the category will likely go to actors who should be grateful just to be nominated.

Benicio del Toro, Penn’s co-star, absolutely deserves a place in the final five for his playful work as Sensei (“a few small beers”). He’s not in the film for more than 20 minutes, but every time he shows up, it’s memorable. This could end up being his fourth nomination—he already won the category in 2001 for his work in “Traffic.”

Paul Mescal, completely overshadowed by Jessie Buckley in “Hamnet,” might get in as well, even though I don’t find him particularly memorable in the film. A hard push is also being made for Jacob Elordi’s work as the monster in “Frankenstein”—currently #5 on the Gold Derby charts.

Those are the five main contenders. Adam Sandler is another possibility for his effortless work as George Clooney’s agent in “Jay Kelly.” He’s never been nominated for an Oscar, and what a shame that, instead of his exemplary work in “Punch Drunk Love” and “Uncut Gems,” it might be for a safer, more predictable performance.

So that’s where things stand. Penn and Skarsgård appear to be the frontrunners, and are far ahead of anyone else in this category. If Penn wins his third Oscar it’ll be well deserved, and if Skarsgård prevails, it would be long-overdue recognition for a European arthouse icon.