We agree with $400 you can't do this. Although with the current market most receivers are now 7.1.
But you could still use the 7.1 Receiver as a 5.1 and spare a little extra power since you're only driving 5 speakers minus the sub which is powered on its own.
I firmly believe on a limited budget you're much better off concentrating on quality speakers versus quantity.
Also you might be able to find a more quality amplifier on a 5.1 system model that is being discontinued as it seems everybody is going to 7.1. Again we talking budget and in a typical living room the purchaser will be more than happy.
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I don't really disagree with any of that. In fact if I were starting off and had say $400 to spend on speakers I would spend all of it on the best center channel I could find. And add the other speakers as the budget allowed. In a theater the center is the cornerstone, if you will.
OP probable does not care about this but I would bump the receiver budget up to at least include pre-outs so that down the road you could add external amps. I am in the minority in my thinking on the external amp thing though.
Oh, yes for sure on the center channel, wife and I are really blown away by our brand new JBL Studio 520C.
Been into audio for decades now but will admit, not as much so the last decade, always respected the JBL "sound" but first ever that I bought one and I think it works great for sound tracks.
I will admit, only in the last couple years did I realize how important the center channel is. Love this JBL.
One tip for many who may read this, there is a mistake made in placement of the center channel on some.
Example, if wall mounted TV with rack below the TV, the center channel speaker should always be at the front edge of the table or rack. The difference can be quite noticeable.
You can experiment yourself, move the speaker to the back of the table or rack, then move it to the front edge, you should notice more clear vocals and crisp sound.
Like the sound so much, who knows, maybe one day I get motivated for JBL front left and right speakers to replace the Paradigms yet its so true, as far as movies, how little sound comes through them compared to the center. . Wife and I always liked a "crisp" sound, we were never into the "warm".
With that said, JBL, like all the brand names and being bought up, sold, traded, gutted by HUGE corporations, one never knows how long anything will be around anymore.
BTW, not really promoting JBL, my first one and impressed, thats all. But I have Always been an American/Canadian/European value speaker buyer.
Just to clarify previous posts about 5.1/7.1 Im always skeptical about "advances" until proven to be true (more so small room, limited budget)
Much like 3d TV that has come and gone once again, in the old days "quad stereo" systems, we have gone big time backwards with MP3s and streaming music and even though we just bought a 65 inch Sony 900F TV god only knows when on earth I will be able to rent a TRUE 4k movie from REDBOX.
Yes, you can now stream them but its not real, its more dumbed down, Im just as good relying on the up-scaling, that this TV does real well, anyway, next is the 4 K bluray player to buy, but what the heck, they are so rare still and ... coming soon is 8K TV ... but, wont matter to me, thats simply a way for manufacturers to keep selling a new product, get the 4K discs out :o)
BTW - the 900F image, freaking AMAZING. Im not kidding, at times, so freaky perfect, almost 3D like the shows can look like a Video game, crisp and clean.