Breaking down like this, if the assumption is Raak doesn't get a bid:

38 Main List - 34 already contracted, JUH & MacPherson - Last two spots Hayes & Cavarra, or one and another pick, or one and a DFA
4 Rookie List A - Sweet, Gardner, *Smith, Live Pick
2 Rookie List B - Khamis, *Raak

The maximum list numbers.

Say Jetta or Stack or some DFA talent is desired. Hayes can always be delisted and picked up with our one live pick in the rookie draft if he gets to our pick. A somewhat safe bet.

Then it's:

In: JUH, MacPherson, Raak, *DFA, Treloar, Martin, Hannan, Hayes (RL)
Out: Dickson (ret), JT, Suckling, Greene, Lynch, Porter, Gowers, Young, Hayes (ML)

That's an impressive 8 player list turnover. Into 6 players and a Cat B after the list size reduction.