I looked up gme options. I'm assuming these were prices as of close earlier today, and I can't buy this option right now at this price. Correct? Because

Looks like the ask price is $66.55 for a Jan. 29th call with a strike price of $85. If I could buy that right now, that would cost $66.55 x 100 (are all options for 100 shares?) For a total cost (premium?) Of $6655. Then on Jan 29th, I can buy those 100 shares for $85 each, which has now actually cost me 66.55+85 per share. So, if the market price is over 151.55, then I'm in the money. Do I have that right? I know I can sell the option beforehand and/or not actually purchase the shares with my own money.

If the market price is between 85 and 151.55, then I still buy the shares and sell them at market, but Im still negative because of the premium I paid.

And, if the market price is below 85, I don't exercise the option and it cost me a $6655 gamble.

Do I have that right?

Next question... At what time on Jan. 29th does the contract expire? Because with this gme thing, it sounds like the market price will continue to go up until the options expire and then will see a hard, fast, drop. So, if that drop happens, I assume anyone with a Jan. 29 call option is screwed, correct?

Disclaimer: I'm not planning on doing this, I just wanted to walk myself through an actual scenario, I won't sue CB nor any CBer for bad financial advice causing me to go bankrupt.