An adaptive clock recovery (ACR) system has a first closed-loop control processor (e.g., a first proportional-integral (PI) processor) that processes an input phase signal indicative of jittery packet arrival times to generate a mean phase reference. The input phase signal is compared to the mean phase reference to generate delay-offset values that are indicative of the delay-floor corresponding to the packet arrival times. The mean phase reference and the delay-offset values are used to generate offset-compensated phase values corresponding to the delay-floor. The ACR system also has a second closed-loop control processor (e.g., a second PI processor) that smoothes the offset-compensated phase values to generate an output phase signal that can be used to generate a relatively phase stable recovered clock signal, even during periods of varying network load that adversely affect the uniformity of the packet arrival times.