I guess the amount of players is conflicting between kotaku and IGN.
kotaku: "Yes. It's 16v16, online carnage, as you fight over - and drag - a morbidly obese woman across the battlefield. There's 10 maps, five character classes, and one writer's captured heart."
IGN:""Fat Princess puts you on a team of eight to 32 cute-as-pie cartoony male and female characters"
Which implies that each team can have 32 players for a total of 64 players.
@Spartan
Your explanation sounds correct. We'll know more as it is revealed.