The Richard Sale novel on which this film is based followed Frank Fane as he systematically ruined the chances of his four fictitious Oscar rivals. In the movie, the other four Best Actor nominees are actual Hollywood stars, "nominated" as Best Actor for fictitious film titles.
Merle Oberon presents the Best Actor in the Academy Awards sequence. According to Oscar tradition, the Best Actor and Best Actress are presented by the previous year's winner in the category honoring the opposite sex. Oberon was nominated as Best Actress of 1935, but she has never won an Oscar.
This film opens with footage of stars' arrivals shot outside an actual mid-1960s Academy Awards ceremony, with the year of the event carefully obscured in all wide angles. One transfer of the film reveals that it is the 37th Academy Awards, held in 1964.
Cited as the perfect Good Bad Movie by John Wilson, who founded the Razzie Awards for the worst in film in 1981. Wilson noted in 2017 that one of the things he loves about the film is that the Academy Awards actually let the production film during a real Oscars ceremony, not having any idea how bad the movie was. He also noted with amusement that Tony Bennett was for some reason cast as a half-Jewish, half-Irish character.