Jesse Plemons, Jessie Buckley and Emma Stone Won Telluride for Focus Features as Oscar Frontrunners Emerge

Focus Features killed it in Colorado with two “Jesses” and one Emma Stone.

On the ground, the story of what resonated — or flopped — at the Telluride Film Festival can look far different from the headlines. Still, one fact was hard to miss: Focus Features reigned over the mountains with Yorgos Lanthimos’ kaleidoscopic “Bugonia” and Chloé Zhao’s devastating “Hamnet,” both receiving near-universal acclaim from critics and festival-goers.

Telluride has long been a launchpad for eventual Oscar juggernauts. Recent alumni include Barry Jenkins’ “Moonlight,” Zhao’s “Nomadland” and Guillermo del Toro’s “The Shape of Water.” If this year’s best picture winner was present in the Rockies, Zhao’s adaptation of Maggie O’Farrell’s bestselling novel feels like the strongest candidate. A win would deliver Focus Features its first best picture statuette.

“‘Hamnet’ is a masterpiece,” one woman told Variety. “It could be one of the best movies I’ve ever seen.”

But in the Oscar race, momentum invites counterattacks. “I talked to a lot of people who didn’t like it,” one strategist claimed from a rival competitor. “That’s not the type of movie the Academy goes for.”

History complicates that argument: best picture nominees and winners have embraced similar themes of grief and family loss in “Manchester by the Sea” and “Ordinary People,” as well as period dramas like “Shakespeare in Love.” Zhao, already a winner for “Nomadland,” could also join the ranks of auteurs such as Alfonso Cuarón, who claimed two directing Oscars within five years for “Gravity” and “Roma.”

Needless to say, “Hamnet” is the one to beat and is the target of every competitor.

Netflix fared better stateside with Noah Baumbach’s “Jay Kelly” than it did in Venice. The film, a Hollywood reflection anchored by George Clooney, caters to Academy voters’ love for movies about themselves (“Argo,” “The Artist”) and a penchant for uplifting narratives (“Green Book,” “CODA”). Critics may not crown it the season’s darling, but, as the saying goes, critics don’t vote for the Oscars.

Or, to borrow Denzel Washington’s famous line: “It’s not about what you know, it’s about what you can prove.”

At A24’s late-night gathering, Jesse Plemons and Stone basked in admiration for their “Bugonia” performances, still visibly surprised by the love.

At Netflix’s party for “Jay Kelly,” Adam Sandler, Billy Crudup and Baumbach took in all the love from those who had taken it in only moments earlier. In a lively conversation, co-star Laura Dern gushed about working on the film, saying, “It’s time for Adam.”

What’s great about an artist like Dern, she champions not only her team but the community at large. She echoed Telluride executive director Julie Huntsinger’s raucous introduction of “Jesse F***ing Plemons” when we unpacked “Bugonia.” That type of support goes far for artists like Plemons and even for Dern herself in an awards season.

Neon introduced its trio of international hopefuls to American audiences, including Jafar Panahi, the Palme d’Or-winning helmer of “It Was Just an Accident,” who takes “looking cool” to a new level, as one young festival-goer commented about seeing him many times with sunglasses and smoking a cigarette throughout the festival. Panahi was doing that exact thing at that moment he told us this story as we stood in line for food at the festival’s closing picnic.

Joachim Trier’s “Sentimental Value” drew big names to its Saturday screening, including Oprah Winfrey, who reportedly “loved it.” Kleber Mendonça Filho’s Brazilian thriller “The Secret Agent” became a stealth hit, with Wagner Moura’s performance and Filho’s direction drawing raves. Many pundits may be underestimating its awards potential, which could follow the path of last year’s “I’m Still Here” (and perform even better) and emerge as a contender in acting, directing, original screenplay and best picture.

Meanwhile, best actor hopefuls made their presence felt. Colin Farrell, starring in Netflix’s “Ballad of a Small Player,” charmed everyone in his orbit, effectively becoming the town’s unofficial mayor as we saw him chatting it up with the likes of Ethan Hawke and Oscar Isaac.

Jeremy Allen White, headlining Scott Cooper’s “Springsteen: Deliver Me From Nowhere,” had Bruce Springsteen himself in the room — a boost that helped earn the film one of the rare standing ovations at Telluride. The film holds a perfect 100% on Rotten Tomatoes after a dozen reviews, though opinions from the ground sound more tepid on the overall execution.

White’s co-star, Jeremy Strong, made the rounds at multiple events, including Netflix’s midday party, where he shared hugs and conversations with Isaac and Edward Berger.

At the same time, White himself kept a lower profile, skipping extended opportunities to mingle, such as the Patrons Brunch, where he didn’t stay long. Campaigning may be unseemly, but in an Oscar race where only five slots exist, presence can tilt the scales.

The acquisition market showed signs of life. Daniel Roher’s “Tuner” drew comparisons to “Good Will Hunting,” while the documentary “Ask E. Jean,” buoyed by its subject E. Jean Carroll in full astronaut regalia at Neon’s party, made a splash. Whether distributors will take the risk with a hostile administration in office remains an open question.

Claire Foy was on hand for her centerpiece work in “H Is for Hawk” with the help of producers Dede Gardner and Jeremy Kleiner, making the rounds to find a home for the moving British drama.

As Variety exited the picturesque town, a scene captured the festival’s essence: Jessie Buckley, star of “Hamnet,” strolling down the Main Street with her newborn strapped to her chest and her husband standing beside her. It’s hard to say if she knows how often the words “Oscar winner” trailed her performance this past weekend from nearly everyone we encountered. But after Telluride, it feels undeniable. She’s the one to beat.

With Venice nearing its end, we forge ahead to Toronto International Film Festival on the next stop on the awards circuit, where Rian Johnson, who was also at Telluride simply to take in movies, will debut his next “Knives Out” entry: “Wake Up Dead Man.” Even Margot Robbie was spotted walking the town, shopping and seated for several screenings, all just for the love of cinema.

That’s the power of Telluride.