For those wondering whether or not the device will be updated to Android P when the update is released, it seems that will not be the case. According to a report from Android Police, Google has confirmed to them that the Nexus Player will not be updated to Android P, meaning that the version of Android it is running on now will essentially be the last version.
It is unclear if the Nexus Player is still eligible for software updates to patch security flaws or bugs, but at least in terms of major updates, it will not be getting anymore. However for a device that has been discontinued since 2016, for it to still be somewhat relevant and still updated is surprising.
It was rumored at one point in time that Google could be looking to launch a refreshed version of the device. It was even supposedly spotted at the FCC, but for whatever reason that did not come to pass.