Android TV is a growing area of android. At the moment, the availability of the platform at the consumer-end, is a little limited. However, as was seen this week, Android TV is due to land in many more hands over the next few weeks and in various guises. As such, the growth of the platform will see many more users experiencing android in their living room, more natively. This includes the stock version of Android 5.0 Lollipop on the Nexus Player. Which although does pick up on the same Material Design cues as other devices, is a lot more limited in its functionality than on mobile devices.
Well, for those who already own Android TV in its original form, the Nexus Player. It now looks as though CyanogenMod has been ported over to work on the device. It is only currently in a 'nightly' form. Which on the downside, means it is experimental and more prone to crashes and other nasties then a stable version of CyanogenMod or of stock android. However, on the upside, this is a custom ROM, which means you will be able to do much more with CyanogenMod, then you can with the standard stock offering from Google. Not to mention, there will be the additional benefits like the ability to more customize the homescreen. For instance, those who sideload apps onto the Nexus Player, will know that sideloaded app icons do not display on the homescreen. Instead, sideloaded apps typically have to be accessed through the settings menu. This (probably) will not be the case with a custom ROM and instead, you should have more direct access to apps and features which are sideloaded to begin with.
Of course, there will be some prerequisites to being able to install CyanogenMod on your Nexus Player. First up, you will need to know what you are doing. Installing ROMs on any device can be complicated enough, let alone the Nexus Player. Secondly, you will need to root the device before you can install CyanogenMod. Not to mention, you really do need to be aware a lot can go wrong with flashing your Nexus Player. That said, if you are still happy to proceed, then the first nightly is available, goes under the codename "fugu" and can be grabbed by the source link below. This is a CM 12.1 nightly which means it runs on Android 5.1.1. Which is the same version of android the Nexus player currently runs on with stock, thanks to the update which landed earlier this week.