Is there a limit to the number of people a magician can protect at one time with his Counterspelling skill?
There’s no limit, but the protected subjects must remain within line of sight. Like many things, this is one of those areas that a gamemaster should exercise some common sense over, so that it’s not out of hand — you can only keep your attention on so many people at once. In most cases, it shouldn’t be an issue — there are unlikely to be large numbers of people being targeted by spells at a time. If the magician were doing something like watching over an entire football stadium and trying to provide spell defense to the thousands of people within to thwart a magical terrorist attack, then you should probably call for a Perception Test to see if he noticed the attack or happened to be looking at the right part of the crowd — or maybe just apply a modifier to his spell defense since he’d be spreading himself thin.