A system processes packet data received in a number of incoming streams of variable speeds. The system includes an input interface, input logic, and one or more packet processors. The input interface receives the packet data and outputs the data using a first arbitration element. The input logic includes flow control logic, a memory, and a dispatch unit. The flow control logic initiates flow control on the data output by the input interface. The memory stores the data from the input interface. The dispatch unit reads the data from the memory using a second arbitration element. The packet processor(s) process the data from the dispatch unit.