Given that some films that seem to lead the pack in a particular year fade into obscurity only months later, I love this idea. I might only pose that this should be an entity unto itself. The Academy would never go for it; the most they’d do is give an overlooked director a Special Achievement Oscar late in life.
But the idea that there’s an institution or circle that reviews the films of a particular year a decade or so after is always fun!
I actually think this would be really fun and interesting to see since 80+ years means it would not be the same people voting that voted for the awards during the actual year, BUT I can see it pissing some people off like saying “yeah, it was a mistake to award YOUR movie that year” no matter how you word the intention behind the award. Also, how many years do you think the actual Best Picture winner and the Hindsight winner would be the same?
I think maybe they could do a Hindsight of the Hindsight award just to see how tastes change in another 100 years. It does happen some times.