versus 
Additional info here (where you can cast your vote).
My pick? The one on the left.
BEST Best Picture Ever: Round One, Match #1
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I, too, voted for "The Godfather," but I think Time offered a bit of a mismatch; both films are essentially centered around familial relationships, but "Terms of Endearment" is such a subtle, nuanced, and woman-centered film that "The Godfather" easily overpowers it. "The Godfather" also has great depth, but the action scenes make countless moments in the film more vivid. I think a better-matched comparison would have been between "Terms of Endearment" and "Ordinary People." It would be particularly interesting to analyze the similarities and differences between the characters portrayed by Shirley MacLaine and Mary Tyler Moore.
This is like the #1 seed playing the #16 seed.
In the words of Dick Vitale: "Blow-out city, baby!"
I hope this means we won't be subjected to Titanic. I figured Titanic would be the "film that would make you cry." Instead, it's Terms, a much better choice.
We are subjected to Titanic (ugh). The bracket has been posted:
http://entertainment.time.com/2012/02/06/oscars-best-best-picture-bracket/
Left Side of the Bracket:
The Godfather vs. Terms of Endearment
On the Waterfront vs. Titanic
It Happened One Night vs. Lawrence of Arabia
Annie Hall vs. The Apartment
Right Side of the Bracket:
The Godfather Part II vs. The Return of the King
Gone With The Wind vs. The Sound of Music
Casablanca vs. Platoon
All About Eve vs. Silence of the Lambs
Notable Omissions: One Flew Over the Cukoo's Nest (wow), Schlinder's List (wow), and The Bridge Over the River Kwai.
Final Four Predictions: The Godfather, Lawrence of Arabia, The Godfather Part II, Casablanca.
The Godfather walks to the finals. The question: Can Casablanca beat The Godfather Part II to prevent The Godfather face-off?
"Terms of Endearment" is certainly a quality film, but as far as Larry McMurtry tearjerkers go, I prefer "Brokeback Mountain." The interesting thing about this matchup is that both films have vastly inferior sequels although "Evening Star" was the direct sequel to "Terms" while "The Godfather Part III" was the second sequel to the original.