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That would make sense then, but the actual signing class for the following year would be reduced.

I'd legitimately like to see an explanation how. I could see possibly taking some grad transfers after signing day but those be applied to the following year, limiting new signees by that number.

You can go over 25 if you have spots open from last class since it's per calendar year. 20 in '19 30 in '20 if you get 5 EEs Over simplified example. Grad transfers, portal kids etc all count the same.

Grad spots won't make a difference. 25 a calendar year max.