By far the biggest in the division. It might have changed quite a bit now but I looked at the squad lists a bit back for the 10 clubs I though might be challenging and the average was 24. We had 33 at the time, that is now 36 I think. Nearest was Peterborough with 30. It can't be sustainable and has to be a limiting factor on what the current manager is allowed to do.
I tend to agree with you in that it must be limiting what the current manager can do in terms of signings and the impact his coaching methods can have when expected to work with such a large number. The fact none have been moved on (even on loan) speaks volumes about the quality of some of those 30+.