THE Emmy Awards are being handed out Sunday night, and it’s time once again to (boldly — and badly) predict who will walk away with a statuette on TV’s biggest night of the year (8 p.m. Ch.2).

Because the Emmys carry with them most of the things we love and hate about show business — the self-importance, the Hollywood politics, the utter inability to figure out why anyone would vote for Tony Shaloub again — who will win and who should win are two different beasts when it comes down to crunch time.

Keeping that in mind, here are who we think deserves to win in each of the major Emmy categories — and, alas, who probably will win.

If it was up to us…

Best Actor in a Drama

Who should win: Bryan Cranston (“Breaking Bad”) was brilliant taking cancer-stricken Walter White to the heart of darkness

Who will win: The industry’s overblown love affair with “Mad men” means Jon Hamm again.

Best Actor in a Comedy

Who should win: Jim Parsons (“Big Bang Theory”)

Who will win: Hollywood (suprisingly) gets it right: Parsons brings home a statue

Best Actress in a Comedy

Who should win: Christina Applegate (“Samantha Who?”) got lots of love… before her show was axed.

Who will win: Yawn, “30 Rock’s” Tina Fey (see overblown love affair, above), especially after her Sarah Palin onslaught last fall.

Best Actress in a Drama

Who should win: Kyra Sedgwick. She’s the reason “The Closer” is cable’s top-rated drama.

Who will win: Sedgwick. See “Who should win,” left.

Best Reality Competition

Who should win: Free “American Idol“! It’s time to get over the snobbishness already.

Who will win: “Idol.” They just can’t give it to “Amazing Race” again.

Best Drama

Who should win: “Breaking Bad.”

Who will win: “Mad Men.” In more of Tinseltown’s “it’s the best thing ever!” hysteria.

Best Comedy

Who should win: Savvy, funny, topical “Family Guy,” the first animated series since the LBJ-era “Flinstones” to be nominated here.

Who will win: “How I Met Your Mother,” which has more viewers and is an industry fave.