Eli Wallach did not receive an Oscar nomination for portraying Guido in The Misfits.
Wallach is very good in just adding this extra layer of character to any scene he is in just through his interactions with the other characters. It does not even need to be important stuff even he could just be hanging out with Gay or looking at Roslyn from a distance. Wallach does not allow Guido just to be some side show that can easily be forgotten or ignored. The interesting thing is that Guido technically speaking is suppose to be a rather average hollow man, but Wallach just gets so much out of being this guy. Wallach so naturally really bridges the whole cast together by being this technically standard guy among the strong willed Gay and the rather damaged Roslyn and Perce (Montgomery Clift). Wallach just brings the most of the character and just makes Guido an interesting character to watch even though he technically isn't in conception.
Wallach manages to stick out even though his character is often pushed to the side, but there a few very short moments where Wallach is given his moments to shine. Wallach is excellent in these scenes as he very effectively shows the self-absorbed nature of Guido. Wallach is incredibly good here in the moments where Guido tries to show his "depth" to Roslyn by describing the fact that his wife died. Wallach here is terrific by being genuine in the moment as Guido talks about that troubled past, but only in that instance does Wallach show Guido being truly emotional. When not alone with Roslyn Wallach does not show Guido to become particularly emotional, and as odd as it might seem Wallach makes it completely believable. It is not that Guido is faking the emotions rather Wallach shows that Guido will only really reflect on them if he thinks it can in some way make it so he can connect with Roslyn.
Wallach here shows just as he did a year earlier with The Magnificent Seven that he only needs just enough to create a great character. Both Guido and Calvera very well could have been the most forgettable elements of their respective films, but in Wallach's hands they are among the most memorable. Guido may seem simple and in many ways he is and in fact the film seems set up just to dismiss him as the bad guy among all the guys. Wallach is great here by technically fulfilling the need of Guido being the "bad guy" but by doing in a realistic fashion that never paints him as being an obvious bad guy. In fact Wallach plays him most of the time as being likable enough whenever things don't really matter, but when the worse side comes out to him Wallach still does not undercut Guido as a character. He creates a very honest and full portrait of Guido that far surpasses what it seems was even the intent of the role.