As the film industry begins to look towards the 2027 Academy Awards, early frontrunners are emerging from recent festival circuits and theatrical releases. Christopher Nolan's latest film, "The Odyssey," is widely considered a strong contender for Best Picture. "Right now, it’s ‘The Odyssey’s to lose. It’s more accessible than ‘Oppenheimer.’ It’s just so good," one awards insider stated.

Notable performances from "The Odyssey" are also drawing attention, with potential nominations for Matt Damon, Anne Hathaway, and Samantha Morton. Morton, in particular, has spoken about the shifting dynamics of the industry, noting that she has been out of work since the film's release despite its box office success.

Another film generating buzz is "Project Hail Mary," which features Ryan Gosling in a role that some insiders believe may face an "uphill battle" with voters due to its potentially "glib" nature, although one source indicated the performance would receive their personal vote.

Festival Circuit Contenders

Films debuting at major fall festivals like Venice, Toronto, and Telluride are also making an impact. Martin McDonagh's "Wild Horse Nine," starring John Malkovich and Sam Rockwell, received significant acclaim at the Venice Film Festival and a standing-room-only screening at Telluride.

"Elsinore," which premiered at Telluride and the Toronto International Film Festival, is drawing attention for Andrew Scott's performance as Ian Charleson, the star of "Chariots of Fire," who took on the role of Hamlet while ill. "The performance 'could very well win him the Oscar,'" a source noted.

Other films from the Toronto International Film Festival to watch include Siân Heder's "Being Heumann," Werner Herzog's "Bucking Fastard," and Danny Boyle's adaptation of the play "Ink."

The documentary category is also seeing early contenders. "You Can See Everything," a documentary about Elizabeth Holmes by Nathan Fielder and Lance Oppenheim, garnered significant attention after its surprise screening at Telluride and is set for an October release from A24. Alex Gibney's documentary on Elon Musk, which also debuted at Venice, is expected to be released in October, with potential commentary from Musk himself.

New York Film Festival and Other Prospects

"Behemoth!," starring Pedro Pascal and Olivia Wilde, is set to debut at the New York Film Festival. Insiders are highlighting Olivia Wilde's supporting role as a potential awards contender, especially following her momentum from "The Invite."

Wilde's directorial effort, "The Invite," acquired at Sundance and an independent summer hit, is also being eyed for acting and directing nominations if distributor A24 makes a campaign push.

Other potential contenders mentioned include "Digger" with Tom Cruise, "Primetime" with Robert Pattinson, Jordan Firstman's directorial debut "Club Kid," Peter Farrelly's "I Play Rocky," David Fincher's "The Further Mis-Adventures of Cliff Booth," and Jesse Eisenberg's "The Debut."

Notably absent from early discussions is Steven Spielberg's "Disclosure Day."

Looking Ahead

While the Oscar race is still taking shape, studios are reportedly skipping some early festival dates to avoid potential missteps. The release of major blockbusters like "Dune: Part 3" and "Avengers: Doomsday" on the same day in December is also expected to influence release strategies for prestige films leading up to the holiday season.