Backup philosophy is an interesting area. There is no one single "right" answer. Nate's idea of not putting data and backup on the same drive is a good one. Here is some food for thought:
IF you put your important data on an external drive and only have the OS on the internal drive, then the need for a backup of that internal drive is reduced. After all, you can always reinstall the OS and your applications from the originals and your data is all there on the external. If you follow that philosophy, then the internal drive only needs to be big enought to hold the OS and applications, plus maybe the scratch area for your applications to use when working. That approach makes your 1TB internal drive massively oversized. However, that approach also brings into play the speed of the interface to the external drive. Up to recently, the speeds at which data moved in and out of the iMac were not large, so the way to improve performance was to have a massive internal drive, use that for OS, apps and data. Then back up all of that to an even more massive external drive (for history storage) and to a second drive of the same size as the internal for emergency booting. SuDu or CCC make that clone easy to do and to automate, and TM makes a good second backup that has the entire system but is not bootable like the clone. So, if you choose to do that, and if you have an internal drive of 1Tb, then your backup with CCC needs to be 1Tb, and the TM drive should be 2Tb as a general rule. Given that configuration, you have something less than 1Tb available to you for your data. Every byte you add to that by making the internal drive bigger needs to be mirrored in the backups, so if you moved to a 2Tb internal, the clone should be 2Tb and the TM drive 4TB, etc.
Now, if you decide to separate the OS/Apps drive and keep your files on an external data drive, then the geometry changes. For example, if you have that same 1Tb internal drive with just the OS and Apps on it, it won't take up very much of that drive. Let's assume 500Gb, which is generous. And now you have a large external for backup of your data files, let's say that's a 2Tb USB3 or Thunderbolt drive, for the speed. What I would use in that envirohment is a SuDu or CCC clone drive of 500Gb and a separate 4GB drive to use TM for backing up both the external drive and the internal. In this geometry you have one bootable backup on the CCC drive and one backup of your data on the TM drive, along with a backup of the OS and apps on that same drive. This geometry is a bit more risky, as you only have ONE backup of the data files, so if you are really paranoid, you can get a second 2TB drive and use CCC or Chronosync to keep the two in sync. Now you have two backups of the OS, two backups of the data.
And there are other combinations and permutations of the configurations. It all depends on budget and your own desires/paranoia levels. In my personal system, I have a MBP with two internal drives, both 500Gb. One is my boot drive, on which I keep files that I consider important. The second drive holds deeper storage of files I could lose and not feel that much pain. I clone the boot one to a 500Gb external, use TM to back it up to a separate 1Tb. The deeper storage drive is backed up with CCC to a second 500Gb external. So I end up with two backups of the boot, one of which is bootable, and one backup of the deeper storage. The bootable one is a portable drive I take with me when I travel. (My Mac is a MBP, so it moves.) The TM backup doesn't move with me, it catches up when I get home and reconnect. The bootable gets reconnected each night for the nightly backup clone. Doing the math, for 1GB of boot and data, I dedicate 2 GB to backup, which is about right. I end up with three devices, the portable clone, the 1Tb backup drive and the deeper storage 500Gb backup.
Yes, I'm paranoid, but as I've said other places, I have HAD a backup drive fail and not known it until I needed it, so my paranoia comes from experience.
Hope this rambling helps somehow!