In a multi-chip module (MCM), integrated circuits are coupled by optical waveguides. These integrated circuits receive optical signals from a set of light sources which have fixed carrier wavelengths. Moreover, a given integrated circuit includes: a transmitter that modulates at least one of the optical signals when transmitting information to at least another of the integrated circuits; and a receiver that receives at least one modulated optical signal having one of the carrier wavelengths when receiving information from at least the other of the integrated circuits. Furthermore, the MCM includes switchable drop filters optically coupled to the optical waveguides and associated integrated circuits, wherein the switchable drop filters pass adjustable bands of wavelengths to receivers in the integrated circuits. Additionally, control logic in the MCM provides a control signal to the switchable drop filters to specify the adjustable bands of wavelengths.