My daughter only had 8 schools on her list - 4 EA, 1 ED, and then 3 more due in Jan. On all the EA (primarily Safeties/Matches), she go way more merit money than we expected ($93,000 from Clark spread over 4 years, but not leep). However, since she also got into her ED, she did not have to complete the final 3 apps (which included 5 additional essays). She was very close to burnout just from those.
3 Safeties, 2 Matches, 3 Reaches (Her ED was a reach and her 2nd choice was a safety).