You can find countless Oscar hosts who have said similiar things in pre-show interviews. And again, its in tune with Franco's humor. As for him taking a red-eye back to Yale, that's really no suprise. He's been doing it every week in the lead up to the Oscars (flying to L.A. for rehersals, promo shoots, etc on Friday and then taking the red-eye back on Sunday night). Franco is, and I know this is strange considering he is a multi-millionaire, very enthusiastic and serious about his education.
I think the producers should apologize, because they did not understand who they hired. Franco was brought on to get a younger audience. They didn't really research who Franco is as a comedian. And that bit them right in the ass. Franco was not right for the show. His sense of humor was not right for the show. But the blame for that is not on Franco, its on the producers for hiring him. Franco is being scapegoated by producers trying to save face. He did exactly what he was asked to do, be James Franco the comedian. But James Franco's humor just does not mesh with the Oscars.