They're watching Jerry Maguire. They're watching fucking Jerry Maguire and have no idea what's going to happen to themselves in the far away future. How this isn't like, television's fortune-telling Mona Lisa of Creekside moments, I will never know. Some rabbit hole Wikipedia sleuthing led me to find out that Katie Holmes and Joshua Jackson were dating during the early part of the show, which means that, in this scene, he's watching his current girlfriend's future husband on the TV. He shot a scene, staring the big screen version of the future father to her potentially non-human child. Tom Cruise, from Dawson's bedroom to Joey Potter's divorce proceedings.
I can't. I can't even.