Only Metronome needs a "reference clock" but it already has one. Since Metro is a asynchronous sample converter, it does not need the signal from the receiver and as a master it sends the clock signal to the DAC along with the newly calculated samples at the newly generated clock.

If you want complete software control, then the only solution right now is DIY (as I did and explained in my blog)

But this combo will cost you almost the same as a buff32...

The 200 ps jitter is inherent jitter in the design. I don't think you can do anything about that figure. Get the Wolfson receiver that has 50 ps

I think the point GLT was making is that in the setup you describe, the Metronome will be the clock master. The jitter coming from the S/PDIF module becomes almost irrelevant*, and new clock signals are generated in the ASRC.

* If the jitter were really bad, it would be important, but with either of the S/PDIF receiver modules, that's not the case.

Jitter is basically a variation between the data and the clock the describes the timing of that data. (The jitter numbers you are reading aren't saying that the receiver is introducing the jitter, but that it can have as much as that much jitter.) The ASRC reclocks and re-times the clock and data signals, theoretically removing (or drastically reducing) the jitter error of the input signal. This assumes that the input jitter isn't so bad that the ASRC cannot properly reconstruct the digital signal, but even with USB audio, which typically has much higher jitter numbers than we are discussing here, the ASRC can provide a very low jitter, and very accurate output.