Let me say the awkward part first: most of these movies haven't opened yet, and I haven't seen them. In the U.S., La Bola Negra and Wild Horse Nine haven't opened yet, and Dune: Part Three is still weeks from a screening. So this isn't a review of anything. It's a read on a race, built from release dates, review scores, festival results and the way Oscar voting actually works, plus one opinion I'm willing to put my name on: the safe answer, "The Odyssey wins," is probably right and probably too comfortable.
The Essentials
- The 99th Academy Awards air Sunday, March 14, 2027, on ABC and Hulu, hosted by Conan O'Brien for the third year in a row. Nominations are announced Thursday, January 21.
- Christopher Nolan's The Odyssey has been the Best Picture frontrunner since it opened July 17, with a 94% Rotten Tomatoes score and more than $1.68 billion worldwide.
- The fall festivals, by TheWrap's count, produced only one sure-fire nominee: Martin McDonagh's Wild Horse Nine. Netflix's Spanish epic La Bola Negra won TIFF's People's Choice Award and is the contender I'd watch most closely.
- Rule changes for this year's Oscars limit AI in acting and writing, allow one actor to earn multiple nominations in the same category, and open a second path into International Feature.
The 2027 Oscar calendar: every date that matters
If you only want the schedule, here it is. Every date below comes from the Academy's published timeline. Anything released after December 31 doesn't count for this year, which is why December is going to be so loud.
The Best Picture field right now
I built this table myself, and the last two columns are my opinion, not the record. Scores and dates are current as of October 1. The point of it: a Best Picture winner usually needs strength and a plausible way to lose, so I wrote down both.
| Film | Where it stands | My read: biggest strength | My read: biggest risk |
|---|---|---|---|
| The Odyssey | Where it standsReleased July 17, 94% on Rotten Tomatoes, $1.68 billion+ worldwide | Biggest strengthCritics and the box office agree, which almost never happens | Biggest riskA script critics call polarizing |
| La Bola Negra | Where it standsCannes shared Best Director, TIFF People's Choice, Spain's Oscar entry. Netflix, theaters Oct. 16 | Biggest strengthLove: ovations of 16 to 20 minutes at Cannes | Biggest riskNon-English, 2 hours 39 minutes, and Netflix has never won |
| Wild Horse Nine | Where it stands95% from 74 reviews, Searchlight, Nov. 6 | Biggest strengthMalkovich won Venice's Best Actor prize | Biggest riskSome critics call it familiar McDonagh |
| Project Hail Mary | Where it standsMarch 20 release, 94%, about $684 million on a $200 million budget | Biggest strengthAn original, crowd-pleasing hit | Biggest riskIt opened in March; voters forget |
| Dune: Part Three | Where it standsOpens Dec. 18, not screened | Biggest strengthTrilogy-finale goodwill | Biggest riskPart Two's Oscar response was tepid |
| Digger | Where it standsOpens Oct. 2, about 50% on Rotten Tomatoes | Biggest strengthPure nerve | Biggest riskWildly divisive |
Why I think The Odyssey can lose
Start with the history, because it's the strongest argument against Nolan. Nolan's Oppenheimer won Best Picture, and TheWrap points out that winning it with two consecutive films has been done by only two directors, William Wyler and David Lean, and not since Lean's Lawrence of Arabia in 1962. Six decades of great directors have tried and not pulled it off. That isn't a curse. It's a reminder that voters like to spread the love.
Best Picture is the one category where being everyone's second choice can beat being a few people's first.
Now the mechanism. Best Picture is decided with a ranked ballot, so a movie that a big bloc ranks first but another bloc ranks near the bottom can lose to a movie nobody hates. TheWrap's Steve Pond is careful to note that The Odyssey's script is polarizing, the same as Oppenheimer's. I think that matters more this year, because the field has a rival that voters seem to love as much as they respect.
That challenger is La Bola Negra. It tied for Best Director at Cannes with Pawel Pawlikowski, won TIFF's People's Choice Award (a prize Deadline calls Oscar-predictive), and is Spain's official International Feature submission. Netflix gave it a 46-day theatrical window, the longest the company has ever offered, which tells you how seriously it's chasing the one trophy Netflix has never won. Add the Academy's increasingly international membership, with TheWrap noting at least one non-English Best Picture nominee for eight straight years, and the old "it's in Spanish" objection looks weaker than it did when Parasite broke through as the first non-English winner.
The counterweight is real: it's long, it's an epic about queer history that spans 1932, 1937 and 2017, and Netflix is 0 for its history at the top prize. I'm not telling you it wins. I'm telling you the "lock" language I keep reading belongs in October of a different year.
My ballot: the ten I'd nominate, ranked
Here's my own list of the ten nominees I expect, ordered by how likely I think each is to win, not just get in. I'm labeling every pick with how much I'd bet on it, because a ranking without confidence is just a mood.
- 1
The Odyssey
Confidence: high to nominate, lean to winNominated is close to automatic. Winning is where I hedge, for the reasons above.
- 2
La Bola Negra
Confidence: high to nominate, my upset pickThe festival love is real, and the Netflix campaign will be enormous.
- 3
Wild Horse Nine
Confidence: high to nominateMcDonagh's last film earned nine nominations, and this one has Malkovich's prize and a 95% score behind it.
- 4
Project Hail Mary
Confidence: solid to nominateOriginal, beloved and profitable, which is exactly what the Academy keeps saying it wants.
- 5
Dune: Part Three
Confidence: solid, sight unseenI'm betting on the trilogy, not the movie. That's a guess.
- 6
I Play Rocky
Confidence: mediumPeter Farrelly's crowd-pleaser is the kind of Hollywood-about-Hollywood story voters love.
- 7
Fjord
Confidence: mediumCristian Mungiu's Palme d'Or winner. Under the new rules, festival winners like it get a second path into International Feature.
- 8
Elsinore
Confidence: mediumAndrew Scott's performance as Ian Charleson is the engine of this one.
- 9
Tender Loving Care
Confidence: medium to lowMike Leigh says it may be his last film, and that's a story the Academy tends to reward.
- 10
Digger
Confidence: low, a coin flipWildly divisive, but TheWrap notes it might earn points for sheer guts. I'm including it for the nerve.
The Odyssey is still my pick to win on March 14. But I'd put La Bola Negra clearly second, ahead of everything else, and I'd treat anyone calling this race over in October as selling certainty they don't have.
Your six-week homework plan
If you want to follow the race instead of just reading about it, this is the order I'd watch things in.
- Start with what's already out.Catch up on The Odyssey and Project Hail Mary, the two movies the whole conversation is measured against.
- Oct. 16: see La Bola Negra on a big screen.Netflix is giving it a real theatrical run before it streams, and it's the movie I most want your opinion on.
- Nov. 6: Wild Horse Nine.It's the one critics keep calling the surest nominee. Watch it for Malkovich.
- Dec. 2: La Bola Negra on Netflix.If you skipped theaters, this is your second chance, and a good moment to decide whether it's an epic or a slog.
- Dec. 18: Dune: Part Three.The last big swing of the year, and the one that could scramble this list.

Our Read: Gustavo Henrique
What bothers me about October Oscar coverage is how quickly it hardens. A movie opens big, gets great reviews, and by the time the leaves turn it has a nickname: the frontrunner. Then everyone else's job becomes explaining how it could lose, instead of asking what would make it win.
I like The Odyssey. I also think the most honest point in this whole race is TheWrap's: this fall's festivals were underwhelming, and several big contenders haven't screened yet. If La Bola Negra keeps winning rooms the way it has, I think we'll look back and realize the real race started the week Netflix decided to give a Spanish-language movie 46 days in theaters.
That's my bet, and I'm happy to be wrong in public. Tell me where I'm off.
2027 Oscars questions, answered fast
When are the 2027 Oscar nominations announced?
Thursday, January 21, 2027. Nomination voting runs January 11 to 15.
When are the 2027 Oscars, and who is hosting?
The 99th Academy Awards are Sunday, March 14, 2027, live on ABC and Hulu. Conan O'Brien hosts for the third year in a row.
Who is the favorite to win Best Picture in 2027?
Christopher Nolan's The Odyssey, by wide agreement among the major predictors. My own call is that it's the favorite but not a lock.
Can a Netflix movie win Best Picture?
It never has. La Bola Negra is Netflix's strongest shot this year, with a TIFF People's Choice win and the longest theatrical window the company has ever given a film.
What changed in the Oscar rules this year?
The Academy added limits on AI in acting and writing, now lets an actor receive more than one nomination in the same category, and opened a second route into International Feature through top festival prizes.
Is the Oscars ceremony moving to YouTube?
Yes, but not yet. The 99th and 100th ceremonies are the last on ABC; starting with the 101st in 2029, the show moves to YouTube and a new venue.
Independently reported and written for this story. Release dates and scores were checked against the sources below on October 1, 2026, and may change. See our full editorial methodology for how we verify claims and separate fact from analysis.
Reporting Sources
- TheWrap — Steve Pond on the Best Picture race after the fall festivals
- Screen Daily — official dates for the 99th and 100th Oscars
- Variety — Oscar rule changes for the 99th Academy Awards
- Deadline — La Bola Negra, TIFF People's Choice and Netflix release plans
- Rotten Tomatoes — Wild Horse Nine score and release date
- Box Office Mojo — Project Hail Mary worldwide gross
- The Hollywood Reporter — Scott Feinberg's first 2027 Oscar forecast


