We have far too many players. You can't build a squad based on the expectation that you will suffer an injury crisis. You need depth, but there is a difference between having options and just hoarding players.
Look at central midfield in particular: Henderson, Can, Milner, Allen, Lucas, Grujic and if reports are to be believed, Zielinski. That's seven "senior" options (six if you exclude Grujic) - not even including youngsters like Stewart and Brannagan. It's far too many players for two CM spots, and yet now apparently we all want to keep Allen and Lucas.