I don't understand the question.
THIS is technically a home theater:
http/en.wikipedia.org/wiki/Home_theater
So you need to find what DEFINITION is being used because technically a "home theater" is a setup similar to a real one either with a really large HDTV, or a Projection screen.
Perhaps the term used for your assignment is incorrectly meant as a basic home media setup.
If we go back to the LINK I provided the key terminology was "meet or exceed" and that mostly refers to picture quality so you mainly want to find out how good that is but unfortunately that's a little difficult because good TV's have deeper Black Levels (blacks aren't as greyish) than theaters, but some digital theaters may have more visual data on the screen.
Example:
http/www.apartmenttherapy.com/is-your-hdtv-better-than-the-theater-173105
If we strictly look at Digital Projectors (most common) then we can look at the number of effective pixels they have:
http/en.wikipedia.org/wiki/Digital_cinema#DLP_cinema_projectors
Most of these are "2K" (number of vertical lines I believe) which is similar to 1920x1080 screens which are the most common.
*So basically to have a "Home Theater" setup we only need to "meet or exceed" the theater experience which it seems we CAN do visually (and for sound with Surround Sound speaker setup).
Is BluRay necessary?
I'd have to say... yes and no. I suspect the answer they want is YES and the reason being we need the High Definition quality to match the experience in the theater. There are other ways to get HD such as streaming though most is not BluRay quality, or even 4K Hard Drives for specific 4K HDTV's (like Sony).
(I'm possibly way off base on the question but maybe some of this will help.)