Most of the students are anticipating the 5th annual film festival ( ) next Friday

Most of the students are anticipating the 5th annual film festival ( ) next Friday.
(1) opening (2) will open

This is a Toiec question and someone said the answer is 1. I understand it could be but not sure why can't be "will be".

I assume this is also possible
Most of the students are anticipating that the 5th annual film festival will open next Friday since "open" can be used both transitive and intrasitive.

Any help please.