I've looked at this video (as well as others)- as well as the various articles that have been written regarding Mr Mangieri. I also tried to calculate a work schedule based on the UPN opening hours and the process that was detailed on the UPN 'menu'. I believe the actual process is somewhat simpler than some have claimed. I'm not sure that it even takes 48 or even 36 hours fermentation. It does, however, take place over two days.
Here is the method I think is being used:
First thing in the morning:- mix up dough from old dough, new flour, water and salt.
There may be an intermediate bulk fermentation stage here (in the bowl?, or as the video shows- on a large tray).
Take some of the dough to form into dough balls for that evening's pizzas.
Put the rest of the dough (still in the mixer, I guess) in a tub and leave on the worktop for tomorrow morning - at which point it will have done a 24 hour ferment.
It's essentially a 30ish hour cycle which overlaps to give a 24 hour fermentation for the 'old dough'
The reason the old dough looks so wet, is because it has fermented a long time and the gluten has broken down considerably, not because it's of a higher hydration.
There's no 'starter' or 'poolish' because it's all just old dough. No separate stages - just mix once a day and ferment. Bake some pizza in the evening and leave the rest for the next day. It's possible Anthony's method has changed over the years but a recent NY magazine article detailing 'a day in the life' mentioned how dough was mixed in the morning, divided at 2pm ready for baking that evening. This video confirms that article as being reasonably close to the method Anthony uses - at least since he got the spiral mixer.
FWIW I've actually tried this method for making bread before on a number of diff. doughs and it worked amazingly well. The fear is that overfermented dough will not be an effective leavening agent....not the case!
I've not made pizza this way yet - but will try when I have a few days to spare.