Well, you can still apply. There are currently 9 applicants, so it couldn't hurt. Do well enough and you'll get in.

Plus, bo may change the rules. I've never found limits to be all that effective. The only downside IMO, really, is maintaining a cursory understanding of extra sheets. No real organizational issues. For instance, I'm currently in a roleplay with 20 players including the OP and I, and it goes along pretty well. Lots of interesting interaction and stuff to read; it's practically a little community.