20-25 active roster players that actually play on the team
25-20 players that currently play at a level BELOW that of the team that has put them on the protected list.
So lets say you are 16, and you cant play at the level of the team with the list because you are too young. The team sees you as a future star, and wants to 'protect' you for their own interests until you are old enough/developed enough to play for them actively. So, they put you on their 'protected list' (I believe this is done in a draft process), so other teams cant snark you. On the flip-side, I dont think you as a player can play for another team at that level, you would have to play for that team that has protected you.
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