System trade-offs for FM/TV multi-carrier operation for each of the three classes of SPACENET transponders (narrow C-Band, wide CBand and Ku-Band) are examined. A variety of link configurations are constructed, assuming representative earth station characteristics (antenna diameter, HPA power, LNA temperature, etc.), to provide link performance estimates which satisfy a variety of user requirements. Results indicate that multi-carrier use of the SPACENET transponders may be a cost effective alternative to single-carrier use of two transponders.