Not sure your "hypothesized model" figure referring to general one or specific in line with e.g. Structural Equation Modeling (SEM). If it is general one / hypothesized model figure, not sure any fixed rules imposed. However, finding as long as you can clearly draw up the circles or boxes with arrow lines think that should be fine (each arrow line represents a hypothesis). Also, it is also a norm that many Independent Variables (IV) converged to lesser Dependent Variable(s) (DV). Moreover, normally there is no circular relationship (X -> Y -> Z -> X again) nor mutual correlationship (X Y). Reason mentioned not sure any fixed rules, because some articles / thesis didn't use any hypothesized model yet author(s) capable to illustrate their hypotheses clearly.
If it is a specific e.g. measurement or structural model for SEM, then rectangle box represents observed / measured variables. Oval shape represents unobserved / latent / unmeasured variables. Circle shape represent error terms (in Covariance Based SEM), correlationships among latent variables in measurement model etc. need to adhere. Wishing you all the best.