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Of all the Billboard Music Awards fashion hits and misses, Madonna’s was definitely tops in one of the two categories, depending on your point of view.

The Material Girl, 54, hit the stage in a pair of shades, fishnets, black underwear and apparently no pants as she accepted Top Touring Artist honors.

Guess when you end 2012 with the top-grossing tour – earning $305 million no less – and you don’t want to wear pants, no one’s gonna call you out.

Madonna took the MGM Las Vegas stage with will.i.am. Take a look:

Other questionable Billboard Music Awards displays included: