I can record 2 and watch a third that is prerecorded. I cannot record two, and watch a third live. I am not a techno geek, so I would have to defer to an expert on exactly how to set it up (WOW, Derek, Joe V, and I am sure few others here, Jomal, Ted and me, not so much). You may be able to get by with one input, and split that signal right at the TV, which for all intents and purposes is the same as doing the split at the satellite. All that I know is you need an input into the TIVO for every channel you want to control. I don't believe it would be a problem to have 3 inputs if you want, just need the capability on the TIVO. TIVO though requires a separate input for every "channel" (in the sense of a signal input channel, not a TV channel). It cannot see all 500+ channels at the same time, it can only see the one channel that is being routed through the tuner on that input channel.