It has the bandwidth do do so, but you may have to modify the protocol or add hardware to distinguish the channels. You say that your SoC and DSP can support 8 channels, so that implies that there's some mechanism in addition to I2S, which typically supports only two channels with the frame sync distinguishing between the two. If it's specified at up to 8 channels, then that might be a designed-in limitation, or if it's specified for 8 channels at 48KHz, it may be extensible to 24 at the lowest rate.
Perhaps the simplest solution if only 8 are supported natively is to use 2 GPIOs to extend the native 8-channel addressing scheme.