I've got 51 elders in one of my tribes and two other villagers who are masters in 3 areas but have not become elders. If I can make 51, why can't I make more?

The max is actually 50, but certain island events get you 51. Thats all you can have. It's a rule.

You must of had the event happen to one of your Esteemed elders.

Looking at the leader board, I see some folks with up to 60 elders!

Well, they cheated. Don't do that.

I only have 50 elders, but i do wish i could have more!!

Yes! They cheated or they had the event 10 times!!
I wouldn't have more totems, they are too much bulky and I don't know where to put them. Finally, we would have more totems than villager!

I still make elders some times anywayz. I will just get a villager master in 3 skills but the villager won't get the esteemed elder status and neither a totem.

Just something to do to pass some time.

I prefer to let them become "specialists" as their choices. In my oldest tribe, I have a lot of masters in each technology!
I just have to make some doctors, of course!