Is it possible to embed the calendar in my website so all club members can see it? Or, is it required to embed only the link that will take club members to my calendar on the bravenet website to see it?
Bravenet don't provide pre-written code to embed the calendar but they give you the address of the calendar and there is no contractural impediment to writing your own code to embed it in a frame or iframe.
Similarly you don't have to use the links that they provide. The only constraint is that you must either write your own link from scratch or use their link unaltered.