Bryce,
I think these guys are both right in a sense. There just two different means of watching TV through your imac. A slingbox will allow you to "connect" back to your tv wherever you are, given you have an internet connection (someone correct me if I'm wrong). This devise is beneficial if you want to be able to access your local channels from abroad or your tivo recordings. For example, I live in New York, but am in Japan, I can watch my New York news on my laptop. Of course, it works in your own home.
The other device is a tuner that connects to your iMac via usb. If you don't have cable, you can attach a pair of bunny ears to it and pick up your analog channels. If you do have cable, then hook that up and you have your basic cable. The elgato, I believe, also allows you to record shows when your not around.
I believe these are your options.