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We've seen it before: they're long past their best creative days in the studio but for live performances they're still the standard.
Take Robin Williams (please!) Every one of is movies is a good arguement for cancelling my cable subscription, but when he plugs them on Leno or Letterman he always has the audience laughing. At the 2005 Indie Awards he killed everyone with his 5-minute improv bit centered around the presentation of one of the trophies, capping off with "I'm going to leave this here and fuck off."
And therein may lay the solution: instead of hosting the Oscars, we should see more comedians hosting pretentiously non-pretentious showbiz award shows. They'd get the hi-celeb-profile without the need-to-prove-anything getting in the way of what they do best: being funny.