(Gus Ruelas/Reuters)

The most important news about the Kentucky Derby dropped today. At least the most important news not having to do with the horses. Johnny Weir, who along with Tara Lipinski has been tapped by NBC to commentate about fashion at the Kentucky Derby, announced the theme of his hat. He told Hollywood Reporter:

“The theme of my hat is Pegasus! … I obviously needed a custom hat because I’m me. I like to wear craziness at all costs.”

As for the rest of his outfit, he said he will incorporate “a little bit of tradition” into the mix, but “with a dash of Christian Louboutin.” Obviously.

As for what exactly Weir and Lipinski plan to cover this Saturday, they expressed great interest in the Derby’s hat tradition. Weir told Hollywood Reporter:

“If I see a beautiful hat with an Elmo stuffed animal on the side that’s completely rhinestone-studded … you know, that’s obviously going to catch my eye.”

And maybe this Pizza Hut hat will, too.

(Pizza Hut)
(Pizza Hut)

The chain restaurant commissioned Project Runway alum and former Pizza Hut employee Angela Bacskocky to create a derby hat made only of pizza boxes, and the company says it will be handing them out to fans. Breadstick chic!

Along with the wild millinery, however, both Weir and Lipinski understand the real reason why the Kentucky Derby exists — the horses. Weir said:

“I’m so looking forward to the race itself. I love horses; I love the excitement of the race. I like the build-up, I like the people waving their receipt and their bet ticket in the air. I’m excited for the tradition. I’m excited for the spectacle that it creates. … Maybe I’ll throw a saddle on and Tara can ride me!”

Their odds to win the race: infinity to 1. Their odds for entertainment value, though: 100 percent.