As of right now (a few hours before the deadline), we have 196 submissions. This compares with 179 as of the deadline last year. (For a variety of reasons, last year was a low year.)
We don’t really have a set number of teams. In informal discussions, the Freezing Saddles Cabal decided that teams will be smaller this year than last, which means that there will be more teams. But in an arcane process known only to himself, chuxtr looks at the number of registrants, and decides how many teams and of what size. All who register by the deadline are put onto a team. Late registrants can then be used to get the teams up to the point that they are all the same size. If there are enough left over, chuxtr may create an extra team. And then the leftovers are used to make up for a) people who register but fail to show up for the competition, and b) people who get injured and have to drop out.