There's a difference between
eligible (*ahem*) and viable. Without distribution (or a studio campaign that would come along with distribution) an independent movie has less than zero likelihood of scoring Awards.
I don't think it's guaranteed that this gets picked up out of a festival, but I don't think it's impossible. It could be
Safety Not Guaranteed or
Sleepwalk With Me and play a few festivals, get great word of mouth, get picked up for limited distribution and pick up enough acclaim to score well on Netflix. (
Sleepwalk might ultimately be the best analogy, also being a critically-acclaimed small off-Broadway semi-autobiographical show made into a small film... though Birbiglia's career trajectory and JRB's aren't really similar, nor are the shows these films are based on.)
Also, it's worth pointing out that Richard LaGravenese has a higher profile in the industry and that should help the distribution chances compared to a similar production without his involvement.
Words don't deserve that kind of malarkey. They're innocent, neutral, precise, standing for this, describing that, meaning the other, so if you look after them you can build bridges across incomprehension and chaos. But when they get their corners knocked off, they're no good anymore…I don't think writers are sacred, but words are. They deserve respect. If you get the right ones in the right order, you can nudge the world a little.