The phrase "And the Oscar goes to Peter Weir" will not be uttered in 2011 -- for now.

Why? Variety reports that the Master and Commander's latest film, 'The Way Back,' is now officially out of the Oscar race with a release date set for Jan. 21, 2011.

Still, sources tell TheWrap that Newmarket Films, which picked up the film's distribution rights, is still mulling a one-week awards run at the end of the year.
categories Movies, Coming Soon