I am a photographer and I often bring camera gear on my rides. A large bar bag is okay for a DSLR with just a small lens, but I prefer a Carradice Super-C saddle bag (23 litres) or a rear pannier. (The Carradice longflap mentioned above would do equally well) I use a rear pannier if I am carrying extra lenses, which I keep in padded lens cases. I have several small lightweight travel tripods - ones by MeFoto and one by Manfrotto get the most use. Both are aluminium, rather than carbon fibre because for travel tripods the weight advantages of carbon are not that significant, but the cost certainly is.
I would not carry a tripod in a backpack because who wants to take a tumble with a bar across your spine - that's just asking for serious injury. I don't carry camera gear on me either, but that is more for the camera's sake. In the event of a spill it is less likely to get damaged in a pannier or saddlebag than with my weight coming down on it in a backpack.
I also have a couple of pro-quality compact cameras that shoot in RAW and can quite easily be put in a bar bag and can perform nearly as well in most situations as a DSLR.