Cory Michael Smith Only Let Himself Watch Chevy Chase for 2 Months Before Playing Him in “Saturday Night ”(Exclusive)

"It was such an honor that I did not want to mess this up, and I didn't want to mess my career up," the actor tells PEOPLE

Cory Michael Smith intensely studied Chevy Chase before starring in Saturday Night.

The actor, 37, tells PEOPLE about how focused he was on nailing his portrayal of Chase, now 81, for the upcoming movie about Saturday Night Live's premiere in 1975.

After celebrating landing the role and realizing he would be portraying the comedy legend, he says "the terror of the task set in" and he "became very compulsive with this."

"I have loved Chevy Chase since I was a kid. He's one of my favorite comedic actors. It was such an honor that I did not want to mess this up, and I didn't want to mess my career up. So I really dove in, and for about two months I would only let myself watch Chevy Chase."

Smith continues, "I just was like, I have to know how this man would say every line, what his body and face would be doing instinctually and sort of deprogram myself and my instincts from this, or else I would feel fraudulent the whole time, which just would not be okay."

Though Smith "didn't have the privilege of talking to Chevy" before filming, he says Chase did see the film.

"I do hope that he saw a younger version of himself, which maybe that's a joyful experience or not. But this man played such a huge part in me wanting to be a performer and loving movies, so it was an honor to play him."

Related: Dylan O'Brien Jokes He's 'Okay' If Dan Aykroyd 'Hates' His Saturday Night Portrayal of SNL Comedian (Exclusive)

Elsewhere in the interview, Smith reflects on the "intense" audition process and how portraying Chase was a "daunting idea."

"I don't consider myself someone who does impressions necessarily. So I was like, I don't think this is for me. I don't think I'm the guy that could do this, but I was like, let's go for it."

"It was otherwise a fairly traditional process, but the final was in New York City with [director Jason Reitman], in person doing physical comedy, and it kind of felt like theater almost," he adds.

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A synopsis for Saturday Night teases: "At 11:30 p.m. on Oct. 11, 1975, a ferocious troupe of young comedians and writers changed television — and culture — forever."

"Saturday Night is based on the true story of what happened behind the scenes in the 90 minutes leading up to the first broadcast of Saturday Night Live. Full of humor, chaos and the magic of a revolution that almost wasn’t, we count down the minutes in real time until we hear those famous words…."

Related: See the Saturday Night Cast Side by Side with the Real-Life Saturday Night Live Actors

Along with Smith, the cast includes Gabriel LaBelle, Rachel Sennott, Ella Hunt, Dylan O’Brien, Emily Fairn, Matt Wood, Lamorne Morris, Kim Matula, Finn Wolfhard, Nicholas Braun, Cooper Hoffman, Andrew Barth Feldman, Kaia Gerber, Tommy Dewey, Willem Dafoe, Matthew Rhys and J.K. Simmons.

Saturday Night is in theaters now.

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