I am not ignoring the Academy players! They will be the backbone of future City sides, but they will not each be playing 20+ games for us! Arsenal do not have their Academy players as first team regulars. My definition of 'squad' is the 20+ 'experienced' players you use as your regular pool to get the 16 for each match.
I agree that I also would hope by next Easter one or two of the Academy players will have earned a first team slot, but they are a precious resource to be nurtured, not cannon fodder because your Manager and/or Chairman will not build a decent squad! Even if we had a regular squad of 24, I would hope that an Academy player would still get a chance if they were good enough.