Rate limited control mechanism for MPEG PCR dejittering

A system and method for guaranteeing an upper bound on output jitter while maintaining maximum loop bandwidth. At least a portion of a plurality of transport packets stored in a buffer include a first timestamp value. A first phase locked loop receives a stream of first timestamp values and generates a variable rate timing signal stream that conveys a variation rate and a phase accumulation rate of the stream of first timestamp values to the first loop. A second phase locked loop receives the variable rate timing signal stream and generates a stable rate timing signal stream conveying the average rate of the variable rate timing signal stream. A interval timer is responsive to the stable rate timing signal stream in order to release the transport packets from the buffer.