Outputting an image via HDMI using an FPGA is relatively straightforward, almost as easy as VGA. I don't know about HDCP but expect it to be next to impossible.

Outputting an image via HDMI using an FPGA is relatively straightforward, almost as easy as VGA. I don't know about HDCP but expect it to be next to impossible. Inputting any pulse-based high-frequency signal is more difficult, be it VGA or Ethernet or HDMI.