One can obtain a rough upper limit for the maximum number of bits of information the universe could possibly hold as being somewhere around 10^122 to 10^124 depending on which parameters you feed in.
We know the entropy of a black hole is related to its surface area divided by the Planck length. So what we can do is pretend the whole universe is a black hole and use the radius of the known universe to get its surface area. And as entropy is related to information, we can calculate the maximum number of bits. Then depending on the details, you'll get a number between 10^122 and 10^124 bits for the whole universe.
But that's pretending the whole universe is a black hole. Can we now make some reasonable adjustments to lower this upper limit to bring it down to closer to what it should be?