There is not a limited number of people. The goal is to make sure that the people who continue as privileged users a) are still using/plan to use the privileges b) still want to take the responsibilities associated with the privileges as discussed at Selection and accountability for forum moderators and leaders (the only strict responsibility is for moderators+admins to keep their account secure, but there is also a soft expectation of being at least mildly active and responding in timely manner when needed).
I’ll also note that I’ll add about a week to the reaction period as I managed to bump people who didn’t answer only yesterday. I want to make sure nobody has their privileges revoked just because they missed a single notification, so that will need a bit more time.