Bruce Willis film that's bagged an Oscar released (8)

'bruce willis film that's bagged' is the definition.
I can't judge whether this definition defines the answer.

'oscar released' is the wordplay.
I cannot quite see how this works, but
'oscar' could be 'wilde' (playwright Oscar Wilde) and 'wilde' is found within the answer.
The remaining letters 'red' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).

'an' is the link.

Can you help me to learn more?