I don't think there's any real way that Hudson cannot win - she will absolutely, positively win.
The only room for someone beating her is one of the BABEL girls, and here is why.
The most nominated film of the evening is BABEL. There has only been one instance when the most nominated film of the evening didn't win best picture (either drama or comedy.) So this means that BABEL is the frontrunner to win best picture, and that there will probably be a picture/director split.
If BABEL does, indeed, win best picture, you can bet that it won't win only one award the entire evening. Scorsese is a near lock, so look to Kikuchi, Barazza, or even Brad Pitt beating out Eddie Murphy for best supporting actor. I think it's an extreme possibility.
"If you are going to do something, do it well. And leave something witchy."
-Charlie Manson