While I question the wisdom of someone who thinks that a film like Collateral Beauty could be considered Best Picture (I can honsetly see the wisdom of every other choice on the list except The Circle) I am in complete agreement with your argument.

Best Picture is, beyond anything, a facetious concept that the Academy does to recognize its productions rather than have anything to do with truly great films. I think my fundamental breaking point came in 2008 when the Academy asks to believe in all sincerity that a film like The Dark Knight DID NOT represent the best that Hollywood had to offer but a product like Benjamin Button DID. The Oscars admitted it by changing the rules as to number of nominees but has done nothing to change the type of pictures they'd nominate for Best Picture in the twelve years since.

I'm actually planning to write an article related to films in 2012. I actually think the Academy did a much better job than usual nominating the right movies, but that doesn't mean that they're aren't some overwhelming gaps that speaks to the Academy's blindness in that respect. I'd actually welcome your opinion on this as you seem very much like the kind of film fan I admire. (Perhaps you can explain why you like The Circle so much on a different post)