I am considering setting up a home network PC based server that possibly could be used as the recording device and then fed to my Smart TV thru an Ethernet connection.
If your smart TV or some other connected media device, such as a Blu Ray player, has a USB port, you may be able to watch the downloaded items via USB flash drive or external HDD/SSD as well. This is what I do. I've got all of my PlayOn Cloud files written to a 1TB external SSD. Though I dind't know it until I tried, my smart TV has a built in file playing app which plays the .mp4 format of the PlayOn Cloud files, as does my Blu Ray player.
I also write the files to DVDs and/or Blu Rays for more permanent storage.