What's Going to Win Best Picture? We Rank the Oscar Field

7. "The Substance"

Coralie Fargeat's body-horror film has turned out to be much more of an Oscar contender than initially believed – certainly by Universal, which financed the film but sold it to Mubi to distribute. It's up for five awards but its best chance comes in the best actress category where Demi Moore is the favorite. Mikey Madison ("Anora") and Fernanda Torres ("I'm Still Here") could make that a close call, too, but Moore – propelled by her "popcorn actress" narrative and the movie's biting showbiz satire – is the frontrunner.