Welcome back to What I’m Hearing+, live from Brooklyn, where my household is mourning the Knicks’ playoff run. In better news, at least Nuggets star Nikola Jokic can finally go home to see his horses.

Also, I was thrilled to interview the legendary Alan Cumming last week about his hit Peacock reality-competition show The Traitors. You can find a transcript of our Q&A here.

Tonight, we’re pivoting from basketball to football. The industry remains obsessed with Netflix’s deal to broadcast at least one NFL game per year—so obsessed, in fact, that many analysts and journalists are backsliding into sloppy and misleading analogizing. Allow me to explain why it’s about more than just scale.

But first…

• Disney and Netflix’s next big battle: Earlier this month, Netflix launched a massive interactive “theme park” with Roblox, a virtual world populated by 300 million monthly, mostly teenage users. Meanwhile, Disney is gearing up to launch its own virtual theme park with...