Packet format configurability is extended for packets transported on physical links of an Intellectual Property (IP) core interconnect by using at least two independent parameters: one parameter governing data-width and one parameter governing latency penalty. The at least two independent parameters allow creation of transport protocol packets without additional latency insertion, which is useful for low-latency applications. The at least two independent parameters also allow creation of narrow packets with multi-cycle additional latency, which is useful for latency tolerant, area sensitive applications.