A trade-off study of liquid metal self-cooled blankets was carried out to define the performance of these blankets and to determine the potential to operate at the maximum possible values of the performance parameters. The main parameters considered during the course of this study were the tritium breeding ratio (TBR), the blanket energy multiplication factor, the energy fraction lost to the shield, the lithium-6 enrichment in the breeder material, the total blanket thickness, the reflector material selection, and the compositions of the different blanket zones. The primary results of the study are as follows: a) the lithium-lead blanket achieves a higher TBR with a smaller blanket thickness relative to the lithium blanket; b) the lithium blanket generates more energy per fusion neutron relative to the lithium-lead blanket; c) among the possible reflector materials, the carbon reflector produces the highest TBR; d) the high-Z reflector materials (Mo, Cu, W, or steel) generate more energy per fusion neutron and produce smaller TBRs relative to the carbon reflector; e) lithium-6 enrichment is required for the lithium-lead blanket to reduce the total blanket thickness; and f) the energy deposition per fusion neutron reaches a saturation as the blanket thickness, the fraction of the high-Z material in the reflector, or the reflector zone thickness increases (this allows one to design the blanket for a specific TBR without reducing the energy production).