By Aly Semigran
January 24, 2012 at 05:26 PM EST
Tony Awards: CBS

Life’s a happy song for Bret McKenzie and The Muppets today: Their other charming ditty, the reflective, funny, and surprisingly touching “Man or Muppet” earned a Best Song nomination for the 84th Academy Awards. Between our dreams of the Muppets hosting the Oscar ceremony being dashed and that baffling snub at the Golden Globes, there was some worry that Jason Segel‘s love letter to Jim Henson’s beloved characters would be all but forgotten by the Academy.

Alas, the charm of The Muppets and its masterful songwriter McKenzie prevailed and nabbed one of this year’s only two Best Song nominations. (They will go up against Rio and their tune “Real in Rio.”) But some big questions — aside from can The Muppets and McKenzie emerge as Oscar winners — still remain: Will Walter the Muppet perform alongside the Flight of the Conchords star or will Jim Parsons? Will there be an additional verse by the Rhymenocerous? Who is going to say “present” for Bret when he inevitably misses the band meeting that Sunday? We’ll have to wait and find out on Feb. 26.

Watch the video for Oscar nominated tune “Man or Muppet” below. (And yes, you are a very manly Muppet, Jason Segel.)

UPDATE: Jason Segel tweeted in response to the Best Song nomination, “Holy Moly! Man or Muppet was nominated for a best song Oscar! Congrats to Bret McKenzie and the whole Muppet team!!! So happy for everyone!”

Read more:

Kermit sings ‘Muppets’ tune with Bret McKenzie

‘The Muppets’ review

EW’s Oscar 2012 Central