He's taking names, and will be looking for opportunities to make them pay. They consistently underestimate him because of his humble origins and unshowy manner, but they may well regret that.
In answer to an earlier question, the programme attracted huge critical acclaim in Britain. I don't know anyone who watched it who wasn't completely entranced by it. The production design, lighting, very sparing use of music unless it's "in scene", all very atmospheric.
Rylance I think perfectly conveys the rise of a new class of courtier, a process started under Henry VII who valued ability over social standing. His very unobtrusiveness is dangerous because it means that he is overlooked by those who equate power and agency with status and bravura. He's like an animal that stays very, very still and so goes unnoticed by other predators. The King recognises his worth and that in itself is a double edged sword.
And this is what I think makes this not a straightforward history, but the use of historical figures to illustrate certain human traits and immutable truths: these people represent power, ambition, hubris, ego, pragmatism, love, loyalty. Oh, and there is some absolutely top notch swearing from Norfolk which is worth the price of admission in itself.