Lupita Nyong'o, Cate Blanchett, Sandra Bullock and More Celebs Pass the Fashion Police Test at the 2014 Oscars

Hollywood's big night is finally here, and we're on hand as always to weigh in on the best and worst of the red carpet wears

They call it the Super Bowl of fashion, and they are absolutely right. The 86th annual Academy Awards are finally here, and we're covering every look from every A-lister on the 2014 Oscars red carpet.

So far we're seeing structure and elegance as the main trends with Amy Adams in a strapless, navy Gucci Couture, and Olivia Wilde (and her baby to be) in a black, high-necked Valentino. But so far the leader of our "Best Dressed" list is, by no surprise, Lupita Nyong'o in her dreamy blue plunging Prada.

And then there's the madness, and by "the madness" we mean Liza Minnelli in an electric blue pants suit. Other instant faves on the fringe include "First Lady of the Oscars," Portia de Rossi in her crochet creation that looks a bit like a giant doily, Frozen star Kristen Bell in her icicle-embellished Roberto Cavalli and the delightful June Squibb looking like the goddess she is in a green Tadashi Shoji.

Click the images below and read all about the dozens of wins, misses, risks and rewards from the 2014 version of Hollywood's biggest night!