Jimmy Kimmel is set to host the 89th Academy Awards this year and sat down with “Good Morning America” to discuss how he is preparing for the big night.

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Kimmel has hosted shows previously, like the American Music Awards and the Emmys, but this one isn’t quite the same for him. “It’s funny because you’d think it would be the same. You walk on stage. You tell some jokes. You try to stay loose and lively throughout the broadcast. You try to stay involved,” he said. “But people keep reminding you that it’s the Oscars and that there are three times as many people watching, and that it’s the most important awards show.”

Kimmel admitted to having watched all of the previous hosts and did his homework by studying their monologues and bits. “I know it sounds like I’m being nice but I thought everyone did at least a good job, and some of them did great jobs hosting the Oscars,” Kimmel said. “And that actually makes it worse for me because what I would’ve loved is if the last 14 Oscar hosts had bombed miserably.”

His dream is to get back in a time machine and ruin the Oscars for all the hosts from the past. While Kimmel revealed that he was paid $15,000 to host, he joked that “between the tuxedo, and the dress for my daughter, and tuxedo for my son, and my parents, and the limos, and all that stuff, there’s no doubt I lose money on this deal… This is a very bad investment,” Kimmel teased. “We don’t do this for the money.”

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“We do this for the love of giving awards to strangers,” he said, noting that he just loves presenting bobbleheads to millionaires.

Kimmel also revealed that his wife Molly has been helping him write his jokes for the ceremony and will be backstage with him throughout the night.

He admitted he had planned on gifting Meryl Streep a real pony during the show to celebrate her record-breaking 20th nomination, but Molly nixed that idea. “At first, she thought, ‘Oh, yeah, I could, I could probably hold a pony on a leash for three hours,'” Kimmel said. “And then I think she came to her senses and decided that was not a good idea.”

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The evening would not be complete if there wasn’t a little rivalry, so thankfully Kimmel is already gunning for Matt Damon. “I have to look at his face in the audience. Odds are, I’m gonna say something. He’s my arch-enemy, really. I mean, if the Joker and the Batman were face-to-face, there would be some kind of a standoff and I would imagine that that will be the same for this,” Kimmel joked. Damon is a producer on the nominated “Manchester by the Sea” and he’s rooting for it, just not Damon. “I don’t want the film to lose. I want him to lose.”

“After the Oscars, I’m going to go home and I’m going watch the broadcast,” Kimmel revealed. “And I’m going see who was clapping and who was laughing. And more importantly, who was not. And I vow to destroy those people. For the rest of my days … I will not relent until they are out of show business.”

The Academy Awards airs this Sunday, February 26.

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