Variety's latest 2027 Oscars predictions show the best picture race being reshaped by early festival reactions, even as two presumed frontrunners, Denis Villeneuve's "Dune: Part Three" and Christopher Nolan's "The Odyssey", stay outside the festival circuit entirely. Films that did premiere at Telluride, including Martin McDonagh's "Wild Horse Nine", Simon Stone's "Elsinore" and A24's "The Debut", received strong receptions that have pushed them into serious contention, while attention now turns to the Toronto International Film Festival (TIFF) to test whether that acclaim translates to broader audience appeal.

Several films are chasing historic firsts: Nathan Fielder and Lance Oppenheim's documentary "You Can See Everything" could become the first non-fiction film ever nominated for best picture, while Laika's stop-motion feature "Wildwood", set to open AFI Fest, could be the first animated film from outside Disney to reach the category, following only three prior Disney-affiliated animated nominees. Key dates ahead include the Governors Awards on 15 November, shortlist voting from 7-11 December, nominations voting from 11-15 January 2027, nominations announced 21 January 2027, and the 99th Academy Awards ceremony, hosted by Conan O'Brien, on 14 March 2027.