Capacity - enables all agents and options (you still choose what you want to install and use) and is billed by the amount of TB you need to backup for one complete full backup of all your data
Capacity Lite - cheaper option that does not enable all options but works the same way as Capacity
V-Ray - bundle specifically to backup virtual machines (VMs) and use GRT capability against the content of the VMs - this bundle does allow some traditional licenses to be added to protect physical system or use CASO setups
Traditional licensing is buy a basic server license and also buy enough agents and options to add to the basic server license for your needs (for a very small environment this might be cheaper than the above editions but for larger environments the bundles usually work out cheaper (note to discuss exact pricing you need to work with a reseller)
BE 16 licensing Guide is here:
https://www.veritas.com/content/support/en_US/doc/ka6j000000009ubAAA-0
NOTE: Veritas Backup Exec (Build 20.0) introduces a subscription based license (which is also based around Capacity licensing and has a Bronze, Silver and Gold Edition that enable more and more functionality) These editions are not available for Backup Exec 16 and for the time being BE 16 remains as the current version for customers that do not want to use subscription licensing. More info and licensing guide on this here:
https://www.veritas.com/product/backup-and-recovery/backup-exec/subscription
https://www.veritas.com/content/support/en_US/doc/BE_Sub_License_Guide
