The race is all of 2 minutes long and give it 5 if you count the post parade so it’s not difficult to incorporate it into the broadcast. Will Bravo also telecast Zenyatta’s undercard effort I truly doubt it. (If they’re smart they will - albeit on a delay) But it will be on HRTV live and on youtube.com within an hour.
Let’s be clear the expectations are low with this 1-hour show and anticipated to be a very heavy dose of fluff , e.g. “what is X wearing or eating” type of backdrop. It is what they want to show - they’re not looking to explain the pick-6, bar shoes or what lasix is …
If you have Bethenny Frankel there doing some hosting duty she might get interview access in the saddling area as she was a hot walker for Bobby at Saratoga when she was younger.
From Churchill Down’s own press release
The Top Chef Tour will be included in Bravo’s special one-hour telecast, “Ladies First: Bravo at the Kentucky Derby,” on May 1 from 5-6 p.m. EDT. The program will feature the food, fashion and celebrity experience associated with Kentucky Oaks 135; live coverage of the Derby’s sister race, the Kentucky Oaks; and highlights of special on-track events related to Churchill Downs’ new partnership with Susan G. Komen for the Cure®, which leads the global movement for breast cancer research, education, advocacy and community support.
I read that to be the actual telecast of the race itself - mind you sandwiched in between Bobby Flay making gumbo and someone from Project Runway making an evening outfit out of a horse cooler 
Since Bravo is part of NBC and NBC Sports is involved - Bob Costas will be co-hosting - then likely instead of the new voice of CD, Mark Johnson, you may just hear on tv (as you always do the Derby) Tom Durkin.