Aren't you novices glad that I am bored by tonight's baseball game, and I have time to waste doing this stuff?
Rhetorical question.
OK, here is a progression of the right way and wrong way to make a SPDIF input. Only deals with the cable and termination. (I already did enough on transformers.)
First off, I stuck a 75 ohm SM resistor onto a 75 ohm BNC. As you can see on this TDR trace, there is a slight inductive (upwards) spike, as explained in some other thread.
Translation: Hard to make it perfectly resistive, with no reactance. Yes, I could make a zobel with about 0.5 pF in series with 75 ohms. Someday when I get bored, I will show you how to make a capacitor that small.

Next, I took 6" or so of RG-187 coax. Terminated in same SMD resistor. Indeed, you can see small spikes at the input BNC, and the end of the coax. And the coax is not exactly 75 ohms.............

Now, here is the way most of you think that you can make a SPDIF input. (There are days that I actually enjoy this job............)

Lovely, isn't it?
OK.....how to read the trace, from left to right.
First, we have a capacitive spike downwards, where there is a BNC-RCA adaptor, and the RCA jack from Dan's SB. Immediately after that, the trace shoots up rapidly, to a level of around 110 ohms.
Which is about what we would expect from a twisted pair. The trace stays at that level for about 1 horizontal division, where it has another inductive spike from the 75 ohm resistor, just stuck on the end any ol' way. (Similar to what most of you guys do.) The trace then decays down to the 75 ohm level, and that is that. You can use the decay time to calculate what the amount of the inductance of that terminating resistor is, but some other year on how that works.
Below are a series of pictures of the wiring schemes used to make these traces. First, all of them together. Followed by enlarged views of the 2 SMD resistors stuck on the end of their respective hook-ups.



OK.....just what is the point? The point is that
our research shows that you need to have an input return loss >30 db. Or a rho of around 0.03.
The simple hook-ups with just a SMD 75 ohm resistor on the end are around 0.06 rho. (0.1 rho/div, as usual on these traces.) So, you can see how hard it is, even with good attention to detail. There are tricks of the trade to get it lower. But without gear like this, no one will get there.
However, that is not the point. A typical kludge thrown together can easily have a rho that is off by a factor of 10. In each direction! At the same time! Until you guys get rid of the RCA jacks, mystery wire, and inductive traces all over the place on your PCBs, there is not much hope.
But, I wish you all well. Just remember that it is RF, and not audio. You can get there.
Pat