The Oscar Race Just Got a Whole Lot More Interesting

How a Documentary Became a Hollywood Epic

For three days, the Telluride Film Festival ran on a single unknown rumor. By Sunday night, the line outside the Werner Herzog Theatre had swelled into the longest of the weekend, phones were sealed in locked pouches, security teams worked the aisles in night-vision goggles, and a Telluride programmer took the stage to warn the crowd that anyone who spoiled what came next was no longer loved. Then the mystery that had consumed the mountains finally broke — the secret screening was You Can See Everything, Nathan Fielder and Lance Oppenheim's documentary about Elizabeth Holmes.

"The result is a movie that keeps escalating in strangeness across its three-year span and lands a final movement that had Telluride's most seasoned attendees walking out shell-shocked. 'Wild' and 'WTF?' were the words circulating on the gondola line, and they were compliments."

And just like that, the film that had been making waves in the festival circuit — where it was praised for its craft and storytelling — became a major player in the Oscar race. A24 confirmed it the same night, dropping a teaser and announcing an October theatrical release, which means the guessing game is over and the awards conversation has begun.

A Documentary That Doesn't Play by the Rules

This is not your average documentary. Fielder is known for his unorthodox approach to storytelling, often blurring the line between fiction and nonfiction in ways that challenge audiences. His previous work on television — particularly The Rehearsal, which earned him a Peabody and an Emmy nomination — has already established him as a creative force to be reckoned with.

What makes this film even more intriguing is how it was made. The subject, Elizabeth Holmes, invited a skeptical crew inside her home to record her every move — a setup that would have been enough to make any documentary filmmaker uncomfortable, let alone someone like Fielder who thrives on pushing boundaries.

"The craft is what builds an awards case, and this one is stacked. Shot by David Bolen — the 'Some Kind of Heaven' and 'Thelma' cinematographer who also lensed Oppenheim's 'Primetime' — the film trades the filmmakers' usual anamorphic gloss for a boxed-in 4:3 frame and long zoom lenses that let two operators drift through a family home like ghosts, but ones the families clearly acknowledge and want as part of their story."

Breaking the Mold

It's rare that a documentary can be this provocative — especially one about someone like Holmes, who was convicted of fraud. Yet Fielder doesn't treat her as a simple villain or victim. Instead, he treats her as a character whose complexity mirrors the ambiguity that runs through the film itself.

The film is less about telling the story of Holmes than it is about exploring how the camera warps reality — especially when you're looking at someone who has spent years manipulating public perception. It's an examination of trust, performance, and truth, wrapped in a narrative that feels more like a psychological thriller than a typical documentary.

And the film doesn't stop there. As Fielder becomes increasingly entangled in the story — not just as observer but as participant — it raises questions about how much of what we see is real and how much is constructed for the camera. It's a bold move, one that has left even seasoned festival attendees stunned.

The Oscar Playbook

A24, which has built its reputation on high-quality, genre-bending films, sees this documentary as more than just a potential Oscar contender. They're looking at it as a way to potentially challenge the record for the most best picture nominations by a single studio in one year — a feat previously achieved by MGM back in 1937.

But here's where things get really interesting: You Can See Everything might not just be aiming for a documentary nomination — it could be pushing for a best picture nod. The film's runtime of 172 minutes is a significant ask, but with the right campaign, it could be the kind of movie that makes voters reconsider their assumptions about what constitutes a serious Oscar contender.

"A24 has the muscle to fight that fight. The studio has run documentary campaigns before and knows how to convert festival heat into a shortlist slot, and the fall precursor calendar gives it a runway — the Gotham Awards, the IDA Documentary Awards, Critics Choice Documentary, Cinema Eye Honors and the DGA's documentary prize all feed the Oscar shortlist and a film this discussed will not want for coverage."

What Makes This Film Different

What sets You Can See Everything apart from other documentaries is its approach to storytelling. Rather than trying to present a linear narrative, it unfolds like a controlled experiment in how truth and performance can coexist. It's a film that forces viewers to question not just what they're seeing but also what they think they know about the person at its center.

The cinematography, by David Bolen, adds another layer to this experience. The 4:3 frame and long zoom lenses create a sense of claustrophobia — as if we're peering into someone's private life with no escape. The editing by Adam Locke-Norton allows conversations to stretch beyond the point of comfort, letting silence and implication speak louder than words.

And let's not forget the score. Composer Ari Balouzian — part of the soul trio Gabriels — threads a noir score through the domestic footage that transforms a beach house into a crime scene of the mind. The result is a film that lingers long after the credits roll.

Why This Matters

For those who remember the early days of The Dropout or Alex Gibney's The Inventor, it's clear that there's been a long-standing fascination with Holmes. But You Can See Everything approaches the subject from an entirely new angle. It doesn't just document her fall — it interrogates how she was able to manipulate perception in such a way that even those closest to her couldn't see through the illusion.

This is where the real power of the film lies. It's not about revenge or redemption; it's about the impossibility of ever truly knowing what's real. And for a branch that fetishizes authenticity, this may be exactly the kind of provocative subject matter that makes voters lean in.

Challenges and Opportunities

Of course, there are hurdles to consider. The documentary branch has historically been wary of participatory nonfiction — films where the director is too present or involved. And the question of whether Holmes' performance qualifies for an acting nomination will undoubtedly spark debate.

But A24 isn't just banking on a best picture nomination. They're also positioning this as a strong contender for several other awards, including Best Documentary Feature and potentially Best Editing or Best Original Score. The film's technical merits alone make it a powerhouse in the awards game — but its thematic depth and emotional resonance are what will likely win over voters.

"A24 insiders see hurdles in the documentary branch, which is why they're eyeing this film as a — wait for it — best picture play. And why the hell not?"

Historic Potential

If You Can See Everything does indeed land a best picture nomination, it would mark history. No documentary has ever been nominated for the Academy's top prize — a feat that could help reshape how we think about storytelling in cinema.

The film's release date of October gives A24 time to build momentum, and Fielder's presence alone guarantees significant press attention. With his recent Emmy nomination and the critical acclaim The Rehearsal has received, he's a name that carries weight — especially in an industry that increasingly values genre-bending creators.

In many ways, this is a film about the power of the camera to both reveal and distort truth. As we watch it unfold, we're forced to confront our own assumptions about authenticity and performance — just like the people at Telluride who were left shell-shocked by its final moments.

So yes, the Oscar race just got a whole lot more interesting. And with You Can See Everything, the conversation is far from over.