The revocation list is for the TV. Intel revokes a TV's key, distributes the updated revocation list on new Blu-ray discs, and when a compliant Blu-ray player is playing one of those new discs it will refuse to negotiate with a revoked TV.

Now that I think of it, I wonder if compliant Blu-ray players actually save the new revocation entries and then continue refusing to negotiate with revoked TVs even for old Blu-ray discs.