There are only 38. And here they are:
Goku
Kid Goku
Kid Gohan
Teen Gohan
Gohan
Gt. Saiyaman
Goten
Vegeta
Trunks
Kid Trunks
Krillin
Piccolo
Tien
Yamcha
Hercule
Videl
Supreme Kai
Uub
Raditz
Nappa
Captain Ginyu
Recoome
Frieza
Android #16
Android #17
Android #18
Dr. Gero
Cell
Majin Buu
Super Buu
Kid Buu
Dabura
Cooler
Bardock
Broly
Omega Shenron
Saibamen
Cell Jr.
Just because it says over 40 charecters doesnt mean that there is actually that many.
But yes there is over 40 charecters,: those 38 in DarkGoku's replay, plus all the fusions ...