Are "theory" and "hypothesis" dead?

Do you understand the difference between a "hypothesis" and a "theory"? Physics professor Rhett Alain thinks you probably don't. But he says that's not your fault. The words just aren't terribly precise, at least in the public parlance, and they only serve to make discussions about science confusing. He has a modest proposal: Let's replace them both with something that makes sense to the general public.