If you have no clue who is going to win, you can potentially still make guaranteed money. For instance, for best director: all of the options add up to roughly $30 right now. They will cash out for a total of $25 next week. If you short them all, you can make $5 guaranteed. Best actor is also a nice setup for this play. Who the hell knows who's gonna win? If the options all add up to less than $25, you can just buy them all and make the ARB between the cost and $25.
If you have a better clue as to who will win (and the options can give you a clue), just long the sure thing and short the others. Many times, HSX gets the locks right and it's easy money.