I think the joke is the Peleton uses various videos to inspire people while they are biking, and Elliot’s inspiration is his ride with E.T., so he’s recreating that.
I thought that the “PELE.T.ON” on the strut was simply an additional pun from Hilburn (incorporating “E.T.” into the standard term for the main body of cyclists in professional races); I did not realize that it was a product trademark until I read madmup’s (correct) solution @1.
I think they’re practicing.
But I don’t understand how they attached the milk crate to the Peleton.
During Lockdown, I did a similar setup with my daughter. It wasn’t an E.T. video playing, it was some guy with a Hero cam doing an outrageous gauntlet. She was in training wheels, so I just mounted her bike on some shoes so she could pedal to her heart’s content
Isn’t it supposed to be Peloton (no ET in it)? But then, even less joke.
So the joke is that he deliberately misspelled Peloton to put ET into it, and drew it. Mildly amusing and cute, hardly hilarious but there is a joke.
By the way, if E.T. could fly and make things fly, why didn’t he just fly up at the beginning and knock on the door of the space ship?
I really think they didn’t like that little botanist much and deliberately marooned him on Earth.
I had the misfortune to be living in L.A. when E.T. came out. After hearing for several weeks in the Hollywood-centric press about how great the movie was, I went to see it… and was severely disappointed. I suppose kids liked how Elliott beat the bad guys, and parents with children got a vicarious kick out of the same thing, but for me as a college student, it was a kiddie adventure (with a saccharine happy end), featuring a plastic puppet who was entirely unconvincing and just plain ugly. They should have hired Jim Henson, instead.
Comics I Don't Understand 
I think the joke is the Peleton uses various videos to inspire people while they are biking, and Elliot’s inspiration is his ride with E.T., so he’s recreating that.
I thought that the “PELE.T.ON” on the strut was simply an additional pun from Hilburn (incorporating “E.T.” into the standard term for the main body of cyclists in professional races); I did not realize that it was a product trademark until I read madmup’s (correct) solution @1.
I think they’re practicing.
But I don’t understand how they attached the milk crate to the Peleton.
During Lockdown, I did a similar setup with my daughter. It wasn’t an E.T. video playing, it was some guy with a Hero cam doing an outrageous gauntlet. She was in training wheels, so I just mounted her bike on some shoes so she could pedal to her heart’s content
Isn’t it supposed to be Peloton (no ET in it)? But then, even less joke.
So the joke is that he deliberately misspelled Peloton to put ET into it, and drew it. Mildly amusing and cute, hardly hilarious but there is a joke.
By the way, if E.T. could fly and make things fly, why didn’t he just fly up at the beginning and knock on the door of the space ship?
I really think they didn’t like that little botanist much and deliberately marooned him on Earth.
I had the misfortune to be living in L.A. when E.T. came out. After hearing for several weeks in the Hollywood-centric press about how great the movie was, I went to see it… and was severely disappointed. I suppose kids liked how Elliott beat the bad guys, and parents with children got a vicarious kick out of the same thing, but for me as a college student, it was a kiddie adventure (with a saccharine happy end), featuring a plastic puppet who was entirely unconvincing and just plain ugly. They should have hired Jim Henson, instead.