I actually think OFOTCN is the weakest of the nominated films that year. Then again 1976 had maybe the best "best picture" category ever.Academy does seem to get it wrong quite often when it comes to best picture looking at the history, general consensus and which films are remembered. But sometimes they do get it right and it can be argued that some of those times are.
Casablanca, Lawrence of Arabia, The Godfather, One Flew Over the Cuckoo's Nest (Some may say Jaws, but not really typical Oscar movie), Unforgiven, The Silence of the Lambs (Personally close one with JFK), Schindler's List, No Country for Old Men (Even though some like myself prefer There Will be Blood, but I still think No Country is the best Oscar winner in the past 10 years.)
One Flew Over the Cuckoo's Nest
Barry Lyndon
Dog Day Afternoon
Jaws
Nashville
For me OFOTCN is only a 9/10 whereas everything else listed is a straight up 10/10.