It's just a shared line with pull-down. Oddly enough, a slightly more complex circuit with current drive like old style coax ethernet would have done a far better job.
Even so, it's UART based. AFAIk no hardware collision detection was implemented (although it would have been easy to do - the NET port simultaneously outputs and inputs data, comparing output to input under a proper protocol would have been enough to detect collision).
The main problem is no galvanic isolation. Which brings us to a different idea - using IR instead of wires. Not to difficult, I'm sure you can figure it out
