CPUs for Intel Z270 provide 16 PCI Express lanes. The Z270 chipset itself also provides 24 lanes, connected to CPU via PCI Express 3.0 ×4.
"16/0/4" means 1 slot with 16 lanes to CPU, and 4 to chipset, a setup only for AMD CrossFire (Nvidia SLI requires 8 lanes for each GPU). GPUs connected to chipset are not ideal since they share bandwidth with everything else connected to chipset.
"8/8/4" means 2 slots with 8 lanes each to CPU, and 4 to chipset, a setup for both 2-way AMD CrossFire and Nvidia SLI. 3-way AMD CrossFire is possible, as described above.
Some motherboards like
Supermicro C7Z270-PG have a switch that provides 4 lanes with 16 lanes each to CPU.