What audio outputs does your TV have?

If you supplied your make/model of TV then people here may be able to assist.

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I see your profile lists a Play:5/Gen1, which requires the S1 software. The Ray can only run S2. Unless you’ve disposed of your Play:5 you’ll need to split your system.

Not really by ethernet, no, but you could get a simple HDMI switch that has an optical output on it, and place it between whatever device is feeding your TV with signal, and your TV. It becomes much harder if you’re using the TV’s own tuner/apps. Amazon has a plethora of inexpensive HDMI switches, I don’t want to give any specific recommendations. 

Would be wildly helpful if you’d post what TV set you have, and what sources you use to “watch”. Even better, post a link to the manual for the TV set, to save all of us googling time. 

Edit: @ratty types faster than I do :)