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As others have said, the number should depend on how many Legends are in town, or else it becomes like the 1997 Royal Rumble where at least six guys not affiliated with company signed on for one night only, and that was to reach a mere 30 men.
As for the "eliminate the champ and get his title" stipulation, that is innovative but could devalue the belts (more than they've been devalued). Maybe have an "eliminate the champ and get a title match" stipulation.
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