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A distinguished algebraic variety in $\mathbb{C}^2$ has been the focus of much research in recent years because of good reasons. This note gives a different perspective. (1) We find a new characterization of an algebraic variety $\mathcal W$ which is distinguished with respect to the bidisc. It is in terms of the joint spectrum of a pair of commuting linear matrix pencils. (2) There is a characterization known of $\mathbb{D}^2\cap\mathcal{W}$ due to a seminal work of Agler and McCarthy. We show that Agler--McCarthy characterization can be obtained from the new one and vice versa. (3) En route, we develop a new realization formula for operator-valued contractive analytic functions on the unit disc. (4) There is a one-to-one correspondence between operator valued contractive holomorphic functions and {\em canonical model triples}. This pertains to the new realization formula mentioned above. (5) Pal and Shalit gave a characterization of an algebraic variety, which is distinguished with respect to the symmetrized bidisc, in terms of a matrix of numerical radius no larger than $1$. We refine their result by making the class of matrices strictly smaller. (6) In a generalization in the direction of more than two variables, we characterize all one-dimensional algebraic varieties which are distinguished with respect to the polydisc. At the root of our work is the Berger--Coburn--Lebow theorem characterizing a commuting tuple of isometries.