Todd Rundgren Skipping Rock Hall of Fame Induction, Says Music Isn't Sport

Rock icon Todd Rundgren is about to get what some call the ultimate honor in the music biz -- induction into the Rock & Roll Hall of Fame -- and he couldn't care less, because he says the institution's a total crock.

Todd won't be saying (or singing) "Hello It's Me" to his fellow inductees -- who include Jay-Z, Tina Turner, Carole King and the Foo Fighters -- this weekend in Cleveland. He joined us Thursday on "TMZ Live" to explain why he'll be a no-show and ripped the Hall for even existing.

The way Todd sees it, halls of fame make way more sense in the sports world ... where it's all about competition, but that's just not how he views the music industry. The legendary performer and producer says, for him, music's not about being #1 -- it's just about making tunes his fans can enjoy.

Todd also echoed some of The Weeknd's complaints about the Grammys -- telling us the Rock & Roll HOF needs to be more transparent about how its "fan vote" really works. Check out the interview ... he says he, and his fans, got burned badly the first time he was up for induction.

That being said, now that TR's finally made it into the HOF, he doesn't wanna hobnob with millionaires at the induction ceremony. Instead, he wants to celebrate with real fans -- he feels the HOF honor is more for them, anyway -- which is why he'll be onstage, performing in Cincinnati.