TOOTH IN ADVERTISING

Michael Caine may have that Oscar for “Hannah and Her Sisters.” And he may have the biggest bite from Universal’s talent budget for “Jaws: The Revenge,” which opens July 1.

(Co-star Lorraine Gary--remember, she was Roy Scheider’s wife in “1” and “2”--has said her deal is “nice, but it’s not as nice as Michael Caine’s by a long shot.”)

For all that, Caine still takes a dive in the credits below top-billed Gary--who happens to be the real-life wife of Sid Sheinberg, president of Universal’s parent company, MCA.

Caine plays an air-taxi pilot and Gary’s romantic interest in the fourth shark saga and figures in about a third of the picture, according to a publicist.

But “Gary is the star,” insisted William Soady, Universal president of distribution. “She receives top billing because she has the film’s major role.”

Bruce the shark, of course, is the real star--both Gary and Caine get below-the-title billing, though Caine has one little perk: Contractually, his name must be boxed in all ad copy.