A coherent passive optical network includes a downstream transceiver and first and second upstream transceivers in communication with an optical transport medium. The downstream transceiver includes a downstream processor for mapping a downstream data stream to a plurality of sub-bands, and a downstream transmitter for transmitting a downstream optical signal modulated with the plurality of sub-bands. The first upstream transceiver includes a first local oscillator (LO) for tuning a first LO center frequency to a first sub-band of the plurality of sub-bands, and a first downstream receiver for coherently detecting the downstream optical signal within the first sub-band. The second upstream transceiver includes a second downstream receiver configured for coherently detecting the downstream optical signal within a second sub-band of the plurality of sub-bands. The downstream processor dynamically allocates the first and second sub-bands to the first and second transceivers in the time and frequency domains.