We study two variations of the distributed storage allocation problem. The goal is to allocate a given storage budget in a distributed storage system for maximum reliability. It was recently discovered that this problem is related to an old conjecture in extremal combinatorics, on the maximum number of edges in a hypergraph subject to a constraint on its maximum matching number. The conjecture was recently verified in some regimes. In this paper we assume that the conjecture is true and establish new results for the optimal allocation for a variety of parameter values. We also derive new performance bounds that are independent of the conjecture, and compare them to the best previously known bounds.