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Number of Players in Multiplayer:
The higher is the number of players, the higher is the number of items dropped by monsters. More precisely - monsters have lower chance to drop no items (this chance is defined in their main TC under NoDrop property). Now, how it works? We have the total number of players in the game, let's say it's N players. Health and EXP of monsters is enhanced by this formula: HP=HP*(N+1)/2. In 8 player game, monsters have 4.5 higher HP. In off-realm games, you can simulate more players by "/players X" command, where X > N. But drops are not affected by simply N (all players in the game). The "NoDrop exponent" (or "player bonus") will be counted this way: Players who are a) unpartied with you or b) not close to you (around 2 screens), count only as 0.5 player. You and partied players close to you count as 1 player. Players added in off-realm games by "players X" command count as 0.5 player. The NoDrop exponent will be rounded down if it's not an integer. For example you are killing with your friend who is in your party monsters in the Pit and another player is killing monsters in Ancient Tunnels (it doesn't matter if he is in the party or not). Your NoDrop exponent will be 2 (rounded from 2.5). For max experience & drop it is enough to setup 7 players.
https://diablo2.diablowiki.net/Player_Settings
https://www.projectetal.com/forums/wiki/?title=magic_find_guide