In coach-speak, X and Z are wide receivers and Y is the tight end. The 2 hole, for instance, is between the center and right guard, and the 4 hole is between the right guard and right tackle. That's why you have to study. Every word, color, and letter mean something. They tell every player on the field where to be, who to block, what pattern to run, or what hole to run through.
Red right signifies the formation, with the tight end lining up on the right side.
Fox 2 means the wide receiver, Ed McCaffrey in this case, will be in motion. Z dagger means McCaffrey, the Z receiver, will run a dagger route, which is coach-speak for a square pattern. Y corner means the tight end, Dwayne Carswell , will run a corner route. That signifies a one-back formation, with the play going to the right. The number 18 means that Terrell Davis , the 1 back, will be running through the 8 hole, between the tight end and wide receiver, after taking a pitch.