Hey Jay,
By the end of the Sept draft the most players you can have on your roster are 25 regular NHL players and five farm team eligible players, for a total number of 30 players.
It's only through trades after the draft that you can end up with as many as 33 players.
After the January 2010 draft you can have as many as 33 players on your roster, to stock up for a run to the cup
So, I'll relate a couple of examples below for the September draft:
1. You have 14 keepers Jay, plus let's say you have five farm eligible prospects that you decide to keep. That's 19 players total that you carry over before the draft happens.
So you can use up to 11 draft picks during the September draft.
2. Mike can only keep 10 players, and let's say he has three farm eligible players he can carry over. That's 13 players total.
Mike can thus use up to 17 draft picks during the September draft, but two of the players he drafts have to be farm eligible (for a total of five players on the farm).
So in our draft it is quite possible that one GM might only draft for the first 11 rounds (or even less if they have multiple picks in earlier rounds). Whereas one of the top two teams with only ten keepers and zero farm eligible players could feasibly draft for up to twenty rounds (or have twenty picks).
Does all of this make sense?