Bailey and Hudson said eligibility requirements will be determined at a later date.
The Academy announced it's adding a new category, shortening the broadcast and moving up the date of the 2019 show.
The Academy did not offer specifics about how the category will be defined. The following year, the category was widened from five nominees to ten.
Fans of this year's superhero sensation "Black Panther", from Disney's Marvel Studios, have been arguing that it deserves a best picture nomination.
In other words, the films moviegoers are actually paying to see.
By contrast, none of the 10 highest grossing films of a year ago - including The Fate of the Furious, Despicable Me 3 and Beauty and The Beast, which brought in upwards of $1 billion - were nominated for major awards.
It's TV love for Schwimmer, Messing on 'Will & Grace'
NBC announced on Wednesday that David Schwimmer will have a recurring guest role in season two of Will & Grace. He has starred on cable though - most notably as Robert Kardashian in FX's American Crime Story: The People v.
It did not say which of the 24 awards handed out on Oscars night would be shifted. In addition, some winners will now be announced during commercial breaks, then edited for airing later in the broadcast (Something the Grammys has been doing).
The Academy's board also voted to move the 2020 Oscars, the 92nd edition, from February 23 to February 9. But they've sought to address it, in years past, by zipping through the technical awards (which are held and taped days before the main Oscars telecast) and hectoring presenters to keep their acceptance speeches pithy.
The Academy of Motion Picture Arts & Sciences group's president John Bailey and its CEO Dawn Hudson confirmed the news today although they didn't confirm what films would be eligible, but essentially, it's an award for blockbusters.
The Academy's board of governors has also set an earlier date for the 2020 Oscars ceremony and will shorten the telecast to three hours in an attempt to make the ceremony "more accessible for our viewers worldwide".
Also worth mentioning is the fact that, starting with the 91st Oscars next year, the Academy of Motion Pictures Arts and Sciences have made a decision to present select categories during commercial breaks, which helps bring that bum-numbing runtime down below three hours.
The annual Oscars ceremony will recognize popular films and be limited to just three hours, organizers said on Wednesday, in a bid to stave off slumping audiences for the most prestigious honors in the movie industry.