I keep running into this with link trades and would like to get a definitive answer so we can all learn. Google still recommends that a web page should have no more than 100 links on it.
I've run into situations where a page has so many internal links on the page that by the time outgoing recip links are added the total is already close to, or exceeding, 100 on that page.
For instance, let's say a page my link would go on (Illlinois in my case) has a menu with the other 50 states plus other links in addition to the main site navigation menu plus any other footer links, etc. For an example, let's say this now counts as 65 internal links.
20 outbound recip links have been added which now brings this page up to 85 total links. This webmaster promises to place no more than 50 external links on this page. But that would then bring the total amount of links to 115. That's 15 more links than Google recommends.
Will G really penalize a page for having 115 links? I don't know, but I really don't want to take that chance.
Although PR isn't as important to me as it is to some others, I do know that the more links, the less PR that is passed along. How do internal links affect this?
IOW, I think some people feel they don't have to count their internal links in G's total link recommendation & they also don't think their internal links affect the PR they would pass on to their link partners. Is that true? I don't think so, but I'd like to hear from someone that knows for sure.
I've also been told that the search engine spiders will crawl the recip links before the extra internal links (I think that depends on the way the page is set up & that has been shown to be true on some sites). But I still think that too many internal links is unnecessary & might affect PR & G's interpretation of a page being an ffa or link farm.
I personally keep my link pages to 50 total links or less & that includes internal site links. I don't think it's a fair trade to exchange with someone that has a page with the chance of having over 100 links on it. I believe G could penalize that kind of page at anytime & I don't think the PR exchange is fair.
Heck, I had a page on an old P2 site that was getting up to 80 total links on that page & I had many sites turning me down for an exchange. But now I'm getting disagreements from others with high link counts (because of their many internal links) that they have an undesirable recip page because they don't agree with me.

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