I like to think they'd be able to get an Oscar, if they really wanted to. Their style just doesn't mesh with the Academy's taste, and I don't think they want to produce something that's 'not them'.

Maybe they could pull off a world war 2 drama with Mr. Hanky. I don't think he'd have that high-pitched voice in the movie. He could play some scruffy veteran who learns about the darkness of himself and humankind, with 'Feeling Good on a Wednesday' levels of frisson. The funniest parts of the movie shouldn't be any more edgier than the sharpest parts of Benigni's Life is Beautiful. The poop will be drawn by the AI engine they created. Every character would be someone from South Park (real people though, so casting might get tough), and they would more or less be their own character in that situation, but not played out for laughs.

I guess the AI Mr Hanky might be a bit too much, but I think they could pull something off that is a stand-alone movie that pays fan service all the way. I'm not saying it's easy to win an Oscar, but Ricky Gervais made Kate Winslet predict she is getting one herself.