The +7 affordance to initial counter cap is to help counter losses due to portal attrition, it is NOT a cap on the number of transfers a team can take.
This one time adjustment is meant to give teams the flexibility to replace on 1:1 basis up to 7 players lost to portal attrition and thereby supplement the annual 25 scholarship limit of initial counters which itself has long been squishy because teams were able to back count to prior classes if the max 25 were not used in prior cycle.
Texas had at least 1 unused initial counter from the '21 cycle, + their 25 annual initial counters + 7 compensatory counters for players lost to the portal (note: we had way more than 7 exit the program via portal) which is where the 33 initial number came from.
Then to add to this, there may be options to grey or blueshirt some of the HS signers to defer their counts to the '23 class.
Totally speculation on my part, but the Austin Regents' K might want to greyshirt if Dicker opts to return to use his COVID year. Champ Lewis may be a possible blueshirt candidate since he to my knowledge did not officially visit Texas and did not have an in home visit from the staff, so could enroll in the fall and practice with the team and be put on scholarship and have it count towards '23 class so long as he doesn't play in any games next fall.