This paper presents optical packet switch architecture with large buffering capacity for the contention resolution of the packets. The main feature of the architecture is no requirement of Demux/Mux and splitter/combiner which are used in most of the other loop buffer based switch architectures. Therefore physical loss of the architecture is very less, and switch performance is not limited by the physical degradation of the signal. In the buffer, TWCs/SOAs are replaced by Tunable Fiber Bragg Gratings (TFBGs). The use of TFBGs inside the buffer is a novel approach towards buffering structure. The architecture presented here can be modeled as output queue buffer scheme. This paper investigates the advantages of the proposed architecture over the earlier architecture. The performance of the architecture in terms of physical layer parameters (loss analysis, power analysis and noise analysis), packaging volume and optical cost is done.