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2014 Oscars Preview: 10 Things to Know Before the Big Show

Oscar statues, Academy Awards Frazer Harrison/Getty Images

It's almost a wrap on 2014 awards season but we still have the glitziest and biggest night in Tinseltown: the Oscars.

The 86th Annual Academy Awards, airing tonight at 8:30 p.m. ET/5:30 p.m. PT on ABC and hosted by Ellen DeGeneres, will honor this year's achievements in the film industry. Twenty-four fresh golden statuettes will be awarded to some very lucky and esteemed recipients.

Gravity and American Hustle lead the way and are tied for the most nominations with ten each, followed by 12 Years a Slave with nine nods. They join Captain Phillips, Dallas Buyers Club, Her, Nebraska, Philomena and The Wolf of Wall Street as the films vying for Best Picture.

But the real question of the night to all of the stars in their formal, glamorous and bejeweled attire? "Who are you wearing."

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Before the unforgettable show, E! will be providing the very best red carpet coverage kicking off at 1:30 p.m. ET/10:30 a.m PT and the livestream at 5:25 p.m. ET/2:25 p.m. PT.

Here is everything you need to know before the star-studded extravaganza:

Matthew McConaughey, Cate Blanchett, Jared Leto Jordan Strauss/Invision/AP, Kevin Winter/Getty Images,

1. Best Picture Contenders: The race is on for the biggest award of the night, Best Picture. Specifically, American Hustle and 12 Years a Slave. At the Golden Globes, American Hustle won for Best Comedy/Musical while 12 Years a Slave won Best Drama. The David O. Russell-directed crime flick nabbed Best Cast in a Motion Picture at the SAG Awards, while the slavery drama took home Best Picture at the Critics' Choice Awards.

2. All Right, All Right, All Right: Simply put, this has been Matthew McConaughey's year. The 44-year-old Texas native has been raking in the accolades for his portrayal of a homophobic cowboy diagnosed with AIDS in Dallas Buyers Club. If he does walk away with the Best Actor Oscar—which he should—you can expect the first few words out of his mouth to be "all right, all right, all right." And maybe something about outerspace, too.

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Lupita Nyong'o, Jennifer Lawrence Matt Sayles/Invision/AP

3. And the Oscar for Best Supporting Actress Goes to...: Well, it's a close one. Either Jennifer Lawrence or Lupita Nyong'o. The 23-year-old American Hustle starlet earned the Golden Globe and the BAFTA, while the 31-year-old 12 Years a Slave newcomer took home the SAG Award and the Critics' Choice Award.

4.Jared Leto Will Win: As they say, this is Jared Leto's to lose. The 42-year-old, who did not make a film for almost six years, is a lock and will win Best Supporting Actor for his heartbreaking performance as Rayon in Dallas Buyers Club. An important question, what will he do with those luscious locks for the big night? We will have to wait and see.

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5. Cate Blanchett Will Also Win: Cate Blanchett will take home her second Oscar for her portrayal of a rich Manhattan socialite who becomes completely broke in Woody Allen's Blue Jasmine. Blanchett also won Best Supporting Actress in 2004 for her role as Katharine Hepburn in The Aviator. But let's also give a shoutout to Meryl Streep. She is nominated for her 18th Oscar for her role in August: Osage County.

6. Here's Ellen!: Let's dance! Ellen DeGeneres is making her triumphant return as host and will most certainly brings all sort of fun. And maybe a few costume changes.

7. Performances Galore: The show will feature a group of A-list performers, including Bette Midler, Pink, Idina Menzel, U2 and Pharrell Williams.

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Academy Awards, Oscars 2014 AFP PHOTO / ROBYN BECK

8. Rain, Rain, Go Away: This won't affect the show itself, but the red carpet might be a bit wet due to the rainy weather. But the celebs won't have to worry about anything because the Oscars prep team has covered the red carpet with plastic, adding in gutters and using squeegees to push out any extra water. Or maybe they should just ditch the fancy footwear and wear some comfortable galoshes.

9. They're Back: Last year's winners in their major respective categories will be back to present, per tradition. That would be Daniel Day-Lewis (Lincoln), Jennifer Lawrence (Silver Linings Playbook), Christoph Waltz (Django Unchained) and Anne Hathaway (Les Misérables).

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10. Lots of Stars (Naturally): We're not just talking about the nominees. There is a long presenters list of some of Hollywood's hottest names. Take, for example, Angelina Jolie, Brad Pitt, Kate Hudson, Kerry Washington, Naomi Watts and Will Smith. And that's just a few.

Cheers to Hollywood's biggest night!

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