James Cameron is using reverse psychology on the Oscars. Ben Affleck and Matt Damon are still movie-making buddies. Christoph Waltz has a new, Nazi role. George Lucas gets a redo. Today's Trade Roundup is a veritable double-McTwist-1260 of entertainment news.

•That James Cameron really knows how to say controversial things! Talking to Charlie Rose, Cameron said he would rather have ex-wife Kathryn Bigelow win best director for The Hurt Locker because "I don't really need another one." However, he still wants Avatar to win Best Picture, for his "team". Oh come on, this is clearly some cheap-ass hedging of bets, so if Cameron wins Best Director he can play it like it's no biggie, and if he loses, ditto: "Oh, that little thing? Ha! Another one and I'd have to put an addition on my mansion!" [Deadline]

•Ben Affleck and Matt Damon would like to make movies together again at Warner Brothers. The Hollywood Reporter reports that they are close to a producing deal at Warner Bros, where they could make a bunch of movies and win awards. The two last collaborated as LivePlanet with Disney. How about a Good Will Hunting sequel... in SPACE. [THR]

•Deadline is reporting that Cristoph Waltz—who was amazing as Col. Hans Landa in Inglourious Basterds—is about to sign up in the Reese Witherspoon/Robert Pattinson drama Water for Elephants. He will take over for Sean Penn as a "dangerous paranoid schizophrenic animal trainer." Sounds good. [Deadline]

•When you are as famous as George Lucas, you get to do things like reshoot huge portions of your very expensive movies. The Tuskegee Airman film Red Tails finished shooting last year; now Lucas is re-shooting and re-writing it to an extent that will "completely change the main characters and their storyline," according to First Showing. Red Tails stars Terrence Howard and Cuba Gooding Jr., who are probably right now pissed about having to cancel their vacations to re-shoot this stupid movie. [FirstShowing]

•Speaking of famous directors: NBC is considering picking up Stephen Spielberg's sci-fi series Nine Lives. It is about "a group of people who find a way to reunite with their loved ones in the afterlife through near-death experiences, but those journeys unleash an evil force." Yeah, maybe that should wait until Lost is done. [THR]

•Disney hopes to replicate the High School Musical series' success with Prom, which Variety says is "a comedy that revolves around a group of teens prepping for the big dance." They're looking for a low budget, Hughesian picture that will launch young stars to Efronic heights wile earning them Avatary profits. [Variety]