Whether your red carpet event is at home or at a theater watching the Oscars broadcast, it's a good idea to engage your guests with games. The most traditional Oscar night game is an Oscar ballot guessing game, in which the person who guesses the most correct winners wins. Oscar.com typically offers a free downloadable ballot (check there close to the date of the awards show).
Another very fun game, Oscar Bingo, is offered each year by the Oscars organization and a variety of other unrelated entities. For example, participants may blot their bingo cards when an Oscar winner's speech is interrupted, when a winner walks to the wrong side of the stage, or when they cry during their speeches.