A Modest Proposal: Retroactive Oscars!
Everyone who loves film likes to cluck over the AMPAS's mistakes and bemoan great work that wasn't rewarded as it should have been. I say that the AMPAS voters should get a chance to make it official!
Give retroactive Oscars for deserving work! Give a retroactive Best Director to Orson Wells, or a Best Actor to Peter O'Toole to Cary Grant or Peter O'Toole.
Of course it'd be a bit difficult to work in a practical sense, given the oversupply of worthy nominees.