Plot hole: The watch that is presented to Collier by Elise which starts this entire story is never purchased, stolen or acquired in any way, but left behind by Collier. It is just there, which is a paradox in itself.
Plot hole: While still unsure where and when they are, the Nimitz has two F-14 Tomcats aloft, investigating a pair of low-altitude radar contacts. They determine the planes are WWII-vintage Japanese Zeros in full military livery. The Tomcats are told to shadow the Zeros without engaging them. Then, the Captain, the XO, the CAG and Lasky all go to a formal dining room and sit down to tea. In this scene, they talk about many other 1941-era things that are happening, but nobody mentions the Zeros. That fact, and that they left their Tomcats where they did, suggests this scene was meant to be in an earlier part of the film (when things seemed odd, but no imminent threat existed) and got moved here, creating a plot hole that the USS Nimitz could slide through sideways. US Navy nuclear carrier command staff wouldn't simply go have tea under the current conditions. (00:40:30)
Plot hole: The film takes place around 1980, i.e. when it was filmed. But Steve Railsback appears too young for the Vietnam veteran he is playing, and in any case he has meant to have come back from the war, immediately committed a crime, and been on the run since. This would only be possible if he had been on the run for a decade, with the police in hot pursuit for all this time: that is extremely unlikely. These inconsistencies are actually a reflection of the fact that the film was scripted a decade before it was shot.
Suggested correction: Cameron is not too young for the timeline of the film. Steve Railsbeck was born in 1945. The first US troops arrived in Vietnam in 1965. If Cameron did a one year tour of duty between 1965 when he was 20 and 1969 when he was 24, that gives him a year to be discharged, return to the USA, commit a crime, and be on the run for ten years or more by 1980. Wikipedia lists 120 criminals who have been on the run since 1970 - and that's just the famous ones.
Plot hole: The show is about a NYC high school for the performing arts. Yet many scenes including the piano composition rehearsals, feature way older adult students in their 20s, even 30s.
Plot hole: When the mechanical bull ride first opens up, riders need to pay $2 per ride and sign a waiver that if they get hurt, the bar is not responsible. But later in the film, riders (especially Bud) now just jump on and take a ride without paying (or signing but even if only needing to sign once, the money part is still in question here). How is it suddenly free?
Plot hole: Antoinette Lilly makes headlines as being murdered and her husband is charged and sent to a criminal asylum...despite the fact that no body has been found and no one has even bothered to go to the hotel or town she was last at to investigate whether or not she's alive or dead. Not believable.
Suggested correction: John was framed by Antoinette's step-mother (who stood to gain Antoinette's inheritance). People have been arrested for murder without a body being discovered first though. Additionally, we find out that the lawyer who helped framed John also paid him to confess to the crime and admitted to being mentally unstable. So nobody was even trying to look for Antoinette.