It won't do anything with his chances. It's hardly an acknowledgment of them basically saying yes we've noticed you're making good movies but you don't deserve neither a nod nor an actual Oscar yet. If it would be solely based on Michael's work he'd gotten an Oscar long ago but the Academy Awards are about campaigning. It's politics more than anything else. Well and a bit of Weinstein.
Campaigning aka kissy kissy on the butty butty huh. Its a shame, no pun intended. But George Clooney seems like Hollywood favorite and I he's only won 1 Oscar despite his many years in the business, so I guess Michael has to work hard for his.