An unknown writer, a fast-rising feeding frenzy, and a true multimillion-dollar deal. It’s enough to make executives or aspiring screenplay authors dream of the heady spec script deals of the 1990s.

Searchlight Pictures has successfully acquired the rights to the spec script Clean Break from rising writer Ryan Brennan. The studio won the project in a bidding competition against other studios.

As writers hit the picket lines during the 146-day WGA strike, they were absolutely barred from writing anything for the Hollywood studios and streamers. But there was no reason they couldn’t write ...