There is limit of 40 statuses in status field, can this be increased as I have 40+ options to select from

I use status field to select teams name to which a item belongs to, right now I have more than 40 teams and there is no way I can accommodate them.

The reason I use status field for selecting teams is

  1. It is visually easy to identify and select due to colours
  2. There are a lot many automations possible

It would be great if the limit is increased from 40 to any other possible limit.