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In this paper, a new multirate optical network based on a hybrid slotted-ALOHA (S-ALOHA)/overlapped code division multiple access (O-CDMA) system is proposed as an effective way of integrating multiclass traffic. The key issue in this proposal is to exploit the potential of the optical O-CDMA using fiber Bragg gratings when jointly used with the S-ALOHA protocol in a link layer. The newly proposed system is modeled using a general Markov chain from which both the system throughput and the average packet delay are derived. The system stability passing through a general finite user model is also envisaged. The system is then compared to the classical S-ALOHA/variable processing gain (VPG) CDMA system. Numerical results show that the proposed system outperforms the latter one, especially at high transmission rates. In addition, stability measures demonstrate that the overlapped system tends to be more stable than the VPG system.