So let's take a look at the current situation:
CONFIRMED (29):
Albania
Austria
Belarus
Belgium
Bulgaria
Denmark
Estonia
Finland
France
Georgia
Germany
Hungary
Iceland
Ireland
Israel
Latvia
Lithuania
Macedonia
Malta
Montenegro
Netherlands
Norway
Russia
San Marino
Spain
Sweden
Switzerland
Ukraine
United Kingdom
OFFICIALLY WITHDRAWN OR NOT RETURNING/DEBUTING (12):
Andorra - Financial difficulties makes it unlikely for RTVA to return in the next few years. They even were to withdraw from EBU altogether, but changed their minds.
Croatia - HRT announced withdrawal last month mostly due to financial reasons, but also with the previous' years low results influencing the decision.
Cyprus - Withdrawal due to financial reasons. Sigma TV has proposed to help CyBC with their participation, but CyBC hasn't said anything official yet, I think
Czech Republic - Due to low results and low viewing figures in their years of participation, CT will not return in 2014 (maybe you should have actually put some effort on your participation?
) However, they say they might return in the next few years, and there were even rumours that they were planning on doing a show together with Slovakia to decide their representatives.
Kazhakstan - K-1 has not been granted EBU membership, and as such a participation of Kazhakstan is still impossible.
Kosovo - Kosovo's minister of foreign affairs had said that Kosovo would be ready to join the ESC. However, RTK is not even a EBU member, and can't become so, as they're not recognized has an independent country by the International Telecommunications Union.
Liechtenstein - 1FLTV is not a member of the EBU yet, has the government hasn't accepted to give the broadcaster the needed financial support to join the organization.
Luxembourg - RTL's chief executive officer has said that Luxembourg shouldn't participate due to the financial burden of potentially hosting the contest (does he even know that winners are not forced to host? xboring) He has not ruled out a return in the next few years though.
Monaco - TMC has officialy confirmed they will not return, without any official reason given. (Probably financial though)
Morroco - SNRT will not participate in 2014, but they have not ruled out a possible return in the next few years.
Slovakia - RTVS confirmed via twitter that they will not participate.
UNDECIDED:
Most likely to participate (7):
Armenia - ARMTV have said nothing officially, but it's almost certain they wil participate. They will even continue to participate in the JESC.
Azerbaijan - Same as Armenia.
Italy - No official confirmation, but it's more than likely that RAI will continue to participate in the contest.
Moldova - Same has Italy, specially considering they will participate in the JESC.
Romania - Same situation.
Serbia - RTS' director has said that Serbia should continue participating, has they have a story of good results in the contest. He even said "In football, Serbia persistently plays in the Qualifications for the European Championships, without achieving positive results. Seeing as no one is asking for the football team to quit playing the Qualifications, why would then Serbia withdraw from Eurovision?"
Still, financial problems are still a problem, and that's the only thing that may make Serbia withdraw.
Slovenia - RTVSLO has not made their final decision, but they have said they will most likely participate in 2014.
Undecided (3):
Bosnia and Herzegovina - BHRT has not made a final decision. What's keeping them at bay are the financial difficulties.
Poland - TVP has said that they'll make their decision on autumn 2013 (still waiting). They're reasons for withdrawal were financial difficulties, but mostly the low results and amount of interest by the Polish public.
Portugal - RTP has been said to make a decision in October/November 2014. They said when they withdrawen in 2014 that it would probably be only a one year break, and their finances and general situation is better. They broadcasted the entire 2013 contest as well.
Most likely not to participate (2):
Greece - EBU said that due to the broadcaster's unique situation, they may grant NERIT a membership easily, so they can participate in the 2014 ESC. Still, only one month to go and NERIT has not started operating yet, let alone be granted a EBU membership. And even if they are, I don't know if they'll have the finances to participate. Seems very unlikely.
Turkey - TRT said that while the 50/50 and the big 5 rule remain, Turkey will hardly return to the contest. However, they where going to have a meeting with EBU to discuss their participation. Haven't heard anything else about it. Still seems, highly unlikely we'll have Turkey back.
So in worst case scenario we'll have around 35 countries. Best case scenario, 40. My guess is 37 (all of the already confirmed countries + the most likely ones to participate. Then between BH, Portugal and Poland I think only 1 will participate, at most 2, Portugal and BH.) So I thinks it's most likely that we'll have the smallest number of participants since 2006, or even 2004 (if only 35 or 36 participate).
If the two semi format is to remain, it might have to be redesigned, if the participants are just 35 or 36.