This puzzle appeared in Microsoft Puzzle Hunt 19, whose theme was TV.
That event was modular in that each author wrote a module consisting of a few
puzzles and a metapuzzle.
The theme of my module was Saturday Night Live.
On each page, fill in the spaces in the analogy tree. That is, make it so that each sequence of spaces connected by lines going from left to right forms a valid analogy.
Each analogy tree uses 20 of the 21 words in the grid, plus a new word you make up to fit into the yellow space; that new word has multiple meanings.
Put the unused grid word into the extra gray space. Once you've solved all the pages, find a way to link the nine 40-degree arcs into a circle by relating the extra gray words to yellow words on other pages. Then, read the boxed letters clockwise.