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2016 Oscars, Academy Awards, Arrivals, Maria Menounos

Ethan Miller/Getty Images

See the 2016 Oscars red carpet arrivals

This is it. The annual end-all and be-all of glamorous Hollywood events.

Tonight at the 2016 Oscars, Leonardo DiCaprio and Brie Larson are the favorites to become first-time winners, The Revenant will square off for Best Picture survival against Spotlight and The Big Short, and none other than Vice President Joe Biden will join forces with Lady Gaga to relay a very important message before she performs "Til It Happens to You," one of the nominees for Best Original Song.

And let's not forget Chris Rock, whose every word we'll be hanging on as he navigates the 88th Academy Awards in the wake of #OscarsSoWhite and what has become an industry-transcending conversation about diversity.

But first the red carpet, where the fashion magic happens!

Giuliana Rancic and Ryan Seacrest are once again co-hosting E!'s Live From the Red Carpet special and will be keeping tabs on all the stars as they head into the Dolby Theatre in Hollywood, where preparations have been underway for weeks to get the venue and surrounding environs ready for the biggest night in film.

Approximately 16,500 square feet of red carpet have been laid out at a cost of $30,000, according to Wallet Hub, which also tallied that $100 million-plus is spent each year by the studios and other invested parties lobbying for their films to be considered by the Academy of Motion Picture Arts and Sciences.

So really, that carpet's a bargain. Enjoy the show!