I think 44 rounds. 4 players per team max. Each team can lose only 1 goalie. Each expansion team can only select 4 goalies.
Gives each new team 44 players including 4 goalies. Good solid base to build a team on. Some of those will be prospects. So really probably 40-41 or so players. Trades, UFAs and prospect creations can make up diff.
Other teams... losing 4 players is tolerable. No arguing talent gets diluted but it does hit everyone. Lots of UFas of lower grade available to fill farm or 4the lines, create prospects, bump farmers to pro. Don't think lots of ufas will be needed on top of what we have. But probably lots of prospects will need to be created though. those PO7.0 c guys might get a chance to play.
imo