James Franco – Oscars Fail! {VIDEO}

Disaster at the Academy Awards and John Mellencamp is going to be single soon... who's he been hanging out with? Find out in today's Showbiz Top 5!

5. John Mellencamp and model Elaine Irwin are going thru a divorce after 18 years of marriage. John quickly moved on to Meg Ryan and they've been photographed all over the place. And Elaine has her juices flowing again with Russell Simmons. Russell says he and Elaine actually went on a date 20 years ago -- right before she met John on a music video set. He says, "She is a beautiful woman, a great mother and we are friends. But at the moment she is still married, so we're friends."

4. Dianna Agron had a particularly ugly breakup with her "I Am Number Four" co-star Alex Pettyfer. But the best way to get over a heartbreak is to jump back on that horse! And she was seen flirting with "Fantastic Four" star Chris Evans at a pre-Oscar party in West Hollywood. The two of them exchanged numbers and maybe this is the beginning of a new relationship.

3. Charlie Sheen says he plans to sue CBS, Warner Bros. and Chuck Lorre for breach of contract after Chuck pulled the plug on filming the rest of this season's "Two and a Half Men." And once this ugliness is behind them, Charlie says he would love to do a ninth season of the show... but only if they pay him $3 million an episode plus a $20 million signing bonus. Meantime, Charlie took a blood and urine test to prove he's clean and he's making all these ridiculous statements stone cold sober. The tests were done at Charlie's mansion on Saturday. You should note that cocaine is out of your system within 2-3 days with a urine test and 1-2 days with a blood test. Marijuana stays in your blood and urine for 5-7 days... heroin, 1-3 days... and meth, 1-2 days.

2. The 83rd annual Academy Awards have come and gone, and the big winners last night were "The King's Speech" for best picture, best director, best original screenplay and best actor for Colin Firth. Natalie Portman won best actress for "The Black Swan." Christian Bale and Melissa Leo won Oscars for their supporting roles in "The Fighter." Best animated feature went to "Toy Story 3," which also won for best original song with "We Belong Together."

1. And while the winners -- and losers -- of last night's awards ceremony should be the number one story today, it is overshadowed by performance of co-hosts James Franco and Anne Hathaway -- but mostly James Franco. These two were meant to bring a new energy and a "more youthful demographic," as we were repeatedly reminded. But the reviews this morning are less than glowing. The NY Times called James "distracted and blasé." The Hollywood Reporter says James "bombed." And sources told PopEater.com that before the show began, producers realized this was going to be a disaster. James was flying back and forth from Yale during the week and only rehearsing on the weekends. And he seemed to be more interested in his cell phone and tweeting videos to his followers than the show itself. And after it was over, James couldn't wait to get out of there. He skipped his own after-party and caught the first plane out of town, tweeting to his fans, "It was fun! Have to get back to class."