Input / timeline / output space
Every color-managed pipeline has three slots. The input color space is what each clip was shot in (its log-and-gamut pair). The timeline (working) color space is where you grade — usually a wide space like DaVinci Wide Gamut so pushes roll off instead of clipping. The output color space is your delivery target (e.g. Rec.709 / Gamma 2.4). RCM and ACES both expose these three; a manual CST pipeline just makes you place the input and output conversions yourself.
First used in: 2.2 · Color management for real