A few questions about format.

I'm watching the Luis Vitton Cup. Two boats will go to the LV finals and
the winner will go against Desafio (or is it Alingi?) in the America's Cup.
Do I have this right? You can see I have some confusion on this subject!

Does the America's Cup have more than two boats racing or is it just a two
boat race: defender vs winner of the LV?

Bottom line: with BMW Oracle out of the LV, are they also out of the
America's Cup and on their way home to San Francisco?