feature post using template

I’ve set up a video library of sorts and when you come to this library, there’s a list of videos to watch and you can click thru to individual pages with said video to watch.

Concept 1: Ideally, I’d like to be able to edit a video post and “tag” it as featured so when you view that page, this specific video displays at the top and is styled much larger like a banner. So, an if statement in the template? (I’m a beginner, be gentle)

Concept 2: Otherwise, if I could create a post that is the featured video and that would just be manually changed when the feature would change BUT I am unsure how to plug that in to the template. Specifically, how that PHP would be written.