Apple has published a Knowledge Base article that shows how to arrange the Apple TV app icons on the main screen. The update, 5.1, also added Shared Photo Streams, AirPlay Send audio, iTunes account switching, Trailer searching, new Screen Savers, support for Subtitles, more advanced Networking options, and the standard stability and performance enhancements.
Arranging the app icons is really very simple, and Apple’s post shows us how it’s done.
You can rearrange the order of most of the icons on the Apple TV’s main menu (Podcasts, Radio, Netflix, Trailers, and so on). Note: You cannot move or rearrange the icons in the top row (Movies, TV Shows, Music, Computers, and Settings).
To change where an icon appears on the main menu:
Select the icon you want to move
Press and hold Select on the remote
When the icon begins to jiggle, use the remote to move the icon to a new position
Press Select again to finish
You can repeat these steps to move other icons.
The note also goes into detail about how to show or hide apps on the main menu from Parental Controls. I will probably use them to hide the Sports apps. All you need to do is head into Settings > General > Parental Controls and scroll down to the list of apps. Then just hit the middle button on that Apple TV Remote when you have highlighted the app you want to show or hide, and click it to toggle the Show/Hide setting..