What are My Options for Ripping My CD Collection ?

Since you are Mac based, then alac would probably be your best bet (because Apple created the alac format).

Nope. FLAC is better than ALAC, and apple hasn't created anything since Steve Jobs sadly passed away. Also, last time I looked (not that I follow apple trash or anything like that), macOS still didn't read FLAC files natively.

So you can use a cheap, external, USB CD reader, and you will not lose anything.

That's false. You need to use error-correction software and a high-quality drive if you're planning on ripping your CDs with any kind of speed and expect a bit-perfect transfer.

@devinplombier 

Nope. FLAC is better than ALAC

In what way?

alac = Apple Lossless Audio Codec

and apple hasn’t created anything since Steve Jobs sadly passed away.

From: https://en.wikipedia.org/wiki/Apple_Lossless_Audio_Codec

After initially keeping it proprietary from its inception in 2004, in late 2011 Apple made the codec available open source and royalty-free.

@devinplombier 

You need to use error-correction software and a high-quality drive if you’re planning on ripping your CDs with any kind of speed and expect a bit-perfect transfer.

For speed, yes.  For ripping, no.

You do not need a quality CD reader, and you do not need error correction.

A CD is a storage medium.  Any CD reader can read the bits with 100% accuracy.  If a CD reader does so with errors, then that CD reader is defective.

Rip a CD using a state-of-the-art box, and rip that same CD using a cheap-o USB CD reader.  When you play the ripped files, you will not hear any difference, no matter how high-end the stereo is, because the PCM bits in the ripped files are 100% the same as what was on the CD.

How is flac better than alac?

ALAC provides a 40-60% compressed ratio. I would stick to third party, FLAC or WAV if going lossless. ALAC was designed for Apple users and if storage space (a problem in 2004) is of issue to you now, then it is an option.

Software (like DbPower) can correct errors. However, in the thousands of rips I have done using MS Media Player, software such a as DbPower would have fixed only a handful of failed rips (maybe). Of course, those discs were damaged/scratched and I should not have bought them in the first place. Error correction is sales fluff and not a real time issue if you have done it thousands of times like I have.

Metadata is called up from the network in which it resides. Hence, it can change (ie varying info; different photos of artist or genre). Those who carry their music around and play in cars, etc are subject to ever changing metadata info. Meh, don't dwell on it.

Media Player (Microsoft) no longer (as of this year) downloads metadata. I have to type in tracks, etc. Since I have nearly maxed out on music, this manual aspect of ripping is not an issue for me. If I was starting new, I might change methodology for the sake of convenience.

I have backed it up to 4 different Hard Drives, one of which I keep in a large fireproof gun safe. If I lost those files I would have to call the suicide prevention hotline.

I feel you @8th-note!! One of the drawbacks with ripping music vs streaming is fear of losing your music. I have two external hard drives and when I backup every 6 months or so, I do it twice. I like your fireproof gun safe idea!! Probably better than hiring a security guard!

@goodlistening64 

ALAC provides a 40-60% compressed ratio. I would stick to third party, FLAC or WAV if going lossless.

alac's compression is lossless compression.  None of the PCM bits contained within the source (n this case, that would be the CD) are lost.  Every last PCM bit that is on the CD will be in the alac fle.

It is like using zip / 7zip.  When you later unzip the contents of the zipped file, you get the exact files back.

Audio has compression, such as used to brick sound quality (loudness wars).  alac does not do that.  You will hear nothing different from audio CDs ripped to alac, flac, or wav files.

goodlistening64

Software (like DbPower) can correct errors ... Error correction is sales fluff and not a real time issue if you have done it thousands of times like I have.

It isn't clear why you think error correction is "sales fluff." I found it a worthwhile feature when using EAC, where sometimes the software will read a specific disc sector multiple times to ensure bit-perfect accuracy. EAC can generate a log after each rip, identifying the troublesome sectors and the outcome of the attempted error correction. (It doesn't always work.)

Metadata is called up from the network in which it resides. Hence, it can change ... Those who carry their music around and play in cars, etc are subject to ever changing metadata info ...

The metadata for my files is stored in the files themselves - it never changes unless I go in and edit it. When streaming (such as Qobuz), the metadata is provided by the source.