In this paper, we propose a novel optical packet switch (OPS) architecture with input concentrators, which employ multi-input single-output optical buffers to aggregate all the incoming traffic into a small size switching fabric. Accordingly, the physical size, the number of the needed wavelength converters, and the economic cost of the total OPS node are decreased dramatically. However, the deployment of input concentrators introduces additional packet loss and delay, except from the contention at the switch output. A Markov model is presented to study the packet loss ratio (PLR) and average packet delay given by the input concentrators. The corresponding closed form expressions are given. The model also demonstrates that the system performance can be greatly improved by increasing the buffer size when the traffic load is not larger than 0.69315. The analytical values are compared with the simulation results. All the obtained results show that the proposed model provides satisfactory approximations under different network scenarios. Moreover, the economic cost savings of the proposed OPS node at the present time and its evolution as a function of time are also discussed in detail. The proposed architecture can also be applied in a packet enhanced optical transport network (OTN).