I've put over 500 miles on my bike since Memorial Day, and I'm on my third bike rack so here's my $.02. I don't yet have my Telluride so I can't yet speak on the fit & clearance on the rear hatch yet but I'm hoping it'll work (more on that at the bottom).
A good rack is hard to find these days due to the influx of people looking for exercise options with gyms shutdown, most bike manufacturers are back-ordered through October. My local NYC bike shops were so cleaned out it literally looked like they were moving the shop or shutting down. I always assumed that Thule were the best but they can be pretty pricey and now even finding them in stock can be difficult, so I started researching.
My first one was this hanger type:
IKURAM 2,3 or 4 Bike Hanger Rack
The link is for the 2 bike but they have a 3 & 4 as well. It was study enough and the brake/shifter cable cradle cutouts work really well but unfortunately with no down tube stabilization your bikes will sway in the cradle and knock into each other unless you bungie them up. It came with a u-bolt and plate that kept it tight enough in the hitch that wobble wasn't a factor, and if you don't mind having to use multiple bungie cords and/or padding to prevent scratches it would be my budget pick.
After returning the first one I decided to pay a bit more and hope for something better and figured that a platform type would be a better fit and more stable:
Allen Sports 2 Bike Folding Platform Rack
Depending on the shape of your bike frame this one might work well and it folds up into a nice small package when not in use. Honestly I would have kept it if it had the key feature I was missing out on: Being able to fold the rack away to be able to access the rear hatch while still having bikes loaded up. This seemed to be an elusive feature that you only get in the $300+ range. But I was patient and kept looking...
Well the third time's the charm and this is my current keeper:
Swagman CHINOOK 2 Bike Platform Rack
I found it on sale for $155 but it took nearly a month to arrive. I've had it for a week and I really like it. They sell fat tire trays on their website if you need those. On my Grand Cherokee the rear hatch opens quite easily with the rack tilted and the bike in the rear position, and it should also clear if you have two bikes loaded which I haven't been able to test yet. When folded up it does make contact with the rear bumper fascia, but I have a foam pad that I put there so it doesn't scratch. I'm eager to find out what clearance is has on the Telluride but I haven't been able to find any specs on how receded the hitch is so I guess I'll have to wait and see.