Not discounting his performance at all. Leo and SLJ were simply more deserving, and Waltz is a recent winner of the same award so his nom is already void.
Waltz was fine, same with Leo. But SLJ deserved the spot. He killed it and showed that he could still do it after years of phoning it in.
Life of Pi did much better than expected. Still need to see it and SLP still. Just haven't felt like going to the movies.