Setup tab:

Playback Type:
The preferred method for JWPLayer to present itself. Options include Flash or HTML5.

Media Type:
The method in which media for the player is to be gathered. Options include single video, videos from fileset, and YouTube/streaming videos.

Media specific options:

Single Video:
Media File: Use the C5 file selector to choose a single video file for display within the player.

Videos from file set:
Preview images: These fields appear to allow you the option to override the players default preview image. 

YouTube/streaming videos:
RTMP: (Real Time Messaging Protocol http://en.wikipedia.org/wiki/Real_Time_Messaging_Protocol) 
Buffer Length: Allows an override of the default 3 seceond buffer for up to ten seconds.
Subscribe: Push RTMP subscibe call
Secure Token:Used to protect streams from being downloaded.

Other setup tab options:

Buffer Length: Time in seconds for the player to buffer video before playback.
Google Analytics tracking: This feature will send player data to your websites assigned Google Analytics account but only functions if you have a pro or above JWPlayer license. 

Setup tab:

Method:
Controls how the player is presented within the browser. Options include responsive or static. Responsive displays the player in a method that resizes to fit its assigned space within the web page while static just prints the player to its assigned portion of the page using your entered height and width values.

Responsive options:
Aspect Ratio: Controls how the player is presented when you have selected the responsive display method. Options include 16:9 wide screen TV, 16:10 most computer monitors, 4:3 classic TV, 3:2 photo camera, 1:1 square, and finally 2:4:1 conemascope.

Display Listbar?:
This option will display a listing every video within your playlist along with any associated preview image or title data in the position of your choice.  

Listbar options:
Position: The area withing the player to display the listbar. Current options include to the right or bottom of the player.
Width/Height: The height or width to assign to the list bar depending on its position within the player.

Skin:
The player skin or theme to use when it is in use. Current options include: default, beelden, bekle, five, glow, modiues, roundster, six, stormtrooper, or vapor. 

Preview Image:
Whatever image you select here from within your file manager will be used as the default preview image through the player. 

Autostart:
Clicking this option will tell the player to autostart the video or playlist on page load. This feature does not work on mobile devices. 

Watermark tab:

Logo:
Select an image from within your file manager to display as your player watermark here. 

Link:
The link you would like your user to be redirected to once the click your water. 

Margin:
Margin to be used around your watermark image.

Position:
Position within the player to display your watermark. Options include: top right, top left, bottom right, or bottom left. 

 

How to assign your JWPlayer license to your player insall:

Browse to dashboard -> view full dashboard then click settings within the Simple JWPlayer Video Player block group. Once on this page enter your license code then click save.

How to assign YouTube API key:

Browse to your dashboard then click settings under the SIMPLE JWPLAYER VIDEO PLAYER block. Enter your Google API Key then click the save button.

I need to upgrade the currently installed version of JWPLayer but I have no idea of how to do this through the C5 file structure.

Browse to dashboard -> view full dashboard then click update within the Simple JWPlayer Video Player block group. Once on this page click browse to locate the archive containing your updated player library then click save. A script will then run replacing the existing JWPLayer library within the add-on (assuming you have write permissions for the player directory). Get an updated version of the player library here: http://www.jwplayer.com/download/