This year at the Oscars there were a great variety of men’s looks to illustrate how a men could still wear a tuxedo and yet be a little different than the black pants, black tux jacket, black bow-tie and white shirt combo. Have a look at those gentlemen to get a great cue:

Photos: Getty Images
Yes, you can bet in a splash of color to do that. And this could be applied just for the jacket (with or without a mismatched lapel) or for the whole suit, including the waistcoat/vest. Dark green is a more discreet option than red but it will all depend on your personality.
Other details to notice to take your tuxedo slightly out of its comfort zone: details… Like a colorful bow-tie, a brooch, a chain instead of a button to button up your jacket, a detailed shoes… Or even a boot. Ok, a white boot is something a bit (too much) fashion forward but for the dude above worked pretty well. A black or dark brown boot would have been a more men next door alternative.
And yes, velvet is always a classic alternative for the jacket. But for the whole suit is something trendy. But still an option. That could work pretty well as those gentlemen illustrate.

Photos: Getty Images.
Again, you can bet in details to be less tuxedo obvious like a white waistcoat and a white bow-tie. Or little white frames here and there in your jacket.
Other shlightly different option is a collarless shirt with obviously no bow-tie.

Photos: Getty Images.
For those who want to kind of reinvent the tuxedo look here are two great options: a wrap jacket instead of a regular buttoned up jacket and no bow-tie in an all-black look. By the way, I loved Nicholas Hout alternative tuxedo. He totally owned the look.
And speaking of owning the look… oh-my-Fashion-God! Billy Porter! He totally rocked his ballgown tuxedo. And everything that is part of the look just made the look even more interesting like the waistcoat/corset, the ruffled cuffs, the velvet, the bow-tie in a high collar… Loved it. loved it, loved it.
Of course that not everyone would look this good with those both options, but if you are one of those who can rock those tuxedo looks, go for it, man. We appreciate that!