Transport VS CD Player

I am new at this and do not understand the pros-cons of a transport and how it works compared to a good CD Player. I have a Arcam FMJ CD23, Rogue 99 Mag, Audio Research VS110, Solioquy 6.5's. Suggested price of a transport and... whatever else I would need for my system, IF I replaced the Arcam. I should expect what kind of improvements in sonics?
Thanks, Bob
There must be a lot in the archives on this.

The short answer to the one box or two question is that it depends, just like it depends for amplification components. There are advantages to having everything in one box--no duplication of power supply parts, fewer connectors, and so on. Having two boxes makes upgrading a bit more straightforward and isolates circuits better.

Most CDPs have a digital out so you can use them as transports with an external DAC. That's one way to upgrade but you must have a good interconnect to get the best out of it.

I don't know your player nor what DACs or transports you are considering. I have upgraded DACs twice. Over five years, the steps were 1) transport + DAC, 2) digital cable upgrade, 3) DAC upgrade, 4) sell all for one-box player, 5) add external DAC, 6) sell one-box player for transport upgrade, 7) cable upgrade. Each time, I got what I was looking for: a more precise and detailed soundstage, and a less aggressive top end.
A transport is a CD player without the DACS. Instead, you use an external DAC hooked up to the transport with a digital cable. Both the single-box CD player and the transport/DAC approach can produce fine sound. I suggest you listen to the best examples of each type before you determine the transport/DAC approach is the way to go. You may find a single-box CD player you like better.