How many WAPs can you put on a single channel using arbitration before you start having issues?

And what do those issues looks like?

I'm a computer enthusiast currently studying for an information security certification in the hopes of turning my hobby into a career. Along the way, I do what I can to familiarize myself with any concept I can, and I'm currently doing some reading on networks. I've recently learned about 802.11's channel arbitration and I understand how it works, but I'm wondering what it's limits are. My questions are:

1) Is there a defined limit to how many WAPs can be on a single channel using arbitration, or is it dependent on other factors?

2) If you do use too many on a single channel, what kind of problems do you run into? Would it just result in a simple disconnection?

3) And although unrelated to the main question, are there any known exploitation concerns with channel arbitration, like causing the coordination between the WAPs to falter and interfere with one another?

Thank you for your help.