Making a Film Broadcast Safe

How do they make Hollywood films broadcast safe? meaning if I made a film with the intention of a film out, I wouldn't be worried about broadcast safe colors and IRE levels. But what happens once that film is ready for broadcasting on TV networks, are my black and whites simply going to be lopped off? Is there a way of making it broadcast safe while still retaining the same details in the highlights and shadows?
 
If you drop on a b'cast safe filter it will cause any offending parts of the image (colors, highs and lows) to just get lopped off (normally resulting in harsh clipping). Making a video's levels b'cast safe is part of the colorists job and, in the right hands, can be done gracefully so image detail isn't lost (or only minimally lost)
 
For studio pictures a colorist will often make a separate pass to legal it for broadcast, blu-ray, DVD, etc.
 
Gary, didn't you hear?...they are changing broadcast safe specifications, f-bombs are now within legal limits.

I'm wondering how most people here approach their projects. Let's say a project that was made for web distribution. Is it better to edit for the widest gamut and then adjust accordingly based on presentation format?
 
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