Jared Leto, Matthew McConaughey, Cate Blancett

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2014 awards season rolls on and next up this evening, the 20th Annual Screen Actors Guild Awards!

The SAG Awards, airing at 8 p.m. ET/5 p.m. PT on TNT and TBS, is known for its free-flowing hostless format and actors awarding their peers. And of course, A-list celebs giving their "I'm an Actor" stories.

E! will be providing the very best red carpet coverage with Giuliana RancicKelly Osbourne and Ross Mathews from 6 p.m. to 8 p.m. ET (3 p.m. to 5 p.m. PT) and make sure to tune into our newly created E! Social Central Hub

Before the "Actor" statues are handed out, here are 10 things you gotta know before tuning in to the big show:

1. 12 Years a Slave vs. American Hustle: This will probably be the trend for the remainder of the awards season, so get ready. There can only be one winner for Outstanding Cast in a Motion Picture, and the SAGs don't have separate categories for comedy and dramas. Both films walked away with Best Picture Golden Globes last weekend  The possible wildcard upset is August: Osage County.

2. All Right, All Right, All Right...Matthew McConaughey: The Dallas Buyers Club star, fresh off his Golden Globe upset and Critics' Choice Award, is the frontrunner to walk away with Best Actor. If anyone has a chance to break McConaughey's streak, 12 Years a Slave's Chiwetel Ejiofor is the man to do it.

Rita Moreno

Araya Diaz/Getty Images for GLAAD

3. And the Actor Goes to...Jared Leto: Leto will add another award to his already incredible haul this season for Dallas Buyers Club and win Best Supporting Actor. Maybe he will bring up his Brazilian waxing again during his acceptance speech?

4. Great Cate (Blanchett): The Blue Jasmine star should win Best Actress, besting Meryl Streep, Sandra Bullock, Judi Dench and Emma Thompson.

5. Rita Moreno Honored: The revered performer, who is an Oscar, Grammy, Emmy and Tony Award winner, will receive the SAG Life Achievement Award.

6. It's Good to Be Bad—Again: Perhaps Aaron Paul will accept the Outstanding Performance by an Ensemble in a Drama Series for Breaking Bad by uttering "Yeah Bitch!" In any event, Vince Gilligan, Bryan Cranston and the rest of the cast will be there to graciously accept the award.

7. S-Bombs and F-Bombs: Not sure if it's something in the water, but winners all awards season long have been making control rooms sweat to ensure they perfectly time the bleep button. To name a few, Jacqueline Bisset, Elisabeth Moss, Diane Keaton, Sandra Bullock, Bradley Cooper. Wonder if anyone will accidentally blurt out s--t or f--k. We will have to wait and see!

8. Let Them Eat!: The star-studded crowd will be treated to a delicious dinner, conceived by famed chef Wolfgang Puck. The mouthwatering menu features grilled filet mignon with broccoli puree, lemon and croutons, miso glazed wild salmon with spicy orange noodles, melted kale and farro salad with crispy kale chips and Wolfgang Puck Lavosh. There is also a vegan alternative.

9. Star Presenters: We're not just talking about the nominees. There is a long presenters list of some of Hollywood's hottest names. Take, for example, Ben Affleck, Matt Damon, Amy Adams, Tina Fey, Morgan Freeman and Benedict Cumberbatch, And that's just a few.

10. A Prediction of What's to Come at the Oscars: The SAG Awards are viewed as a pretty good indicator of who will take home the Oscar since the actors' group makes up a sizable portion of the Academy's voters. According to Variety, 1,176 active members or about 20% to be exact.

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