Custom video overlay via third-party encoder
Allow (similar to Live Events) the ability to use a third-party video encoder (e.g. OBS Studio) to add overlays and other graphics to the video/audio feed from the web cam and mic in real-time and used as the video/audio for the Teams Meeting.
I've been using the OBS Studio with the OBS Virtual cam to do this, but it doesn't play nice with virtual backgrounds. Any of the graphics overlays that cover any part of me (foreground) display correctly, but any part of the overlay that Teams thinks is part of the background become part of the virtual background. I kind of a nuisance.
Andrew Hunkins commented
UPDATE: OBS Studio with the OBS Virtual Cam WORKS GREAT! We could probably close this feature request.
You can also use the obs-ndi plugin combined with NDI Tools downloaded from https://ndi.tv
You can use OBS-Virtual Cam to do this