When you create a Content Lifecycle policy, the values you see in areas such as the list of all Settings policies indicate all files under management for that policy, not the number of files affected by the policy once implemented. For example, the screenshot below shows that the policy matches 738 files, but that is the total number of files that match the criteria selected when creating the policy.




If you would like more detail about when the policy will actually take action on the files, you can export the list of files subject to that policy from the Files by policy widget on the Content Lifecycle dashboard, and each file will have an "expected trigger date" value that shows when the policy will take action on each file.