So this is how I'm reading it.

Let's say, a leve 9 wizard who can cast level 5 spells has an item familiar.

I can invest a level 5 spell, get a level 3 spell back, and each day I can cast both of them?

So, I channel the level 5 spell out of the item like a battery and the lack of needing the level 5 spell allows me to have an extra 3rd level spell, or what?


Also, that means if I lost the item I'd basically have to lose that 5th level spell slot and not gain the 3rd slot either?

Please clarify?