Will this become known as the ultimate blobsquatch footage for 2009?

This short film clip was discovered on an 8mm 3 minute reel purchased at a yard sale in Pennsylvania. The reel was marked 1977 and according to the seller, the camera operator was a farmer/hobbyist who is deceased.

It was discovered in 2009. It was posted on YouTube last week.

It is owned now by American Feud, who are Pennsylvania political filmmakers.

Is it a publicity stunt for a forthcoming documentary?

Is it merely a distorted videotape of a person in a field?

What is shown in these images?