"playing" has 3 descending bits. The img is an inline element by default. You can think of the image as a character without a descender. Like "a" or "m". And just like those characters, they must sit on lines and as if in unseen "typographical" boxes that have room for characters with descenders, like "p" and "q"
If you want an inline image to sit at the base of the descender space, you can use the CSS style of 'vertical-align: bottom' on the img. As just above.