The battery chemistry establishes the voltage of the cell. The chemistry Tesla uses produces a cell that's just a little over 4V at full charge and around 3.5V for most of its discharge cycle. When you wire cells in series, the voltages add up and when you put them in parallel, the current rating adds up. The power is always based on the total number of cells regardless of how they are arranged.
Tesla's smallest element within the module is a 6 cell string in series that is 24-25V at full charge. The original 60 and 70 packs had fewer of these strings in parallel, but the 75 pack and 90 pack both had 74 strings in parallel for a total of 444 cells per module. I believe the 100 KWh pack (and the future smaller pack) has 85 strings, possibly 86. That's how the overall power of the pack is increased.
I think the module is 86 strings because I vaguely remember wk057 in his 100 KWH pack tear-down saying the overall power of the 100 pack was just over 100 KWH. With 86 strings, that makes each module 516 cells instead of the 444 in the 85, 90, and 75 packs. Each 18650 cell has about 12.25 WH of storage. With that many cells, that makes the 100 KWH pack actually around 101 KWH. A 14 module pack will be 88.47 KWH. They could market that as either a 90 or an 85. In either case, it would actually have slightly more capacity than the 90 KWH pack they just discontinued which had about 87 KWH.
By a straight calculation, that makes the range 298 (1.7% more capacity). Though the actual range will probably be a little better because the car will be a little lighter. The old 90 had 7104 cells in 16 modules and the new small pack will have 7224 cells, but the weight of the extra two module assemblies won't be there so the overall weight might be a tad less.
If they can squeak out 300 miles EPA rating on the small battery pack, that will be a big psychological barrier crossed. Tesla has tended to keep at least 15 KWH between their small and large pack cars for all but transition periods. The smaller packs have often been a little bigger than advertised and the 85 and 90 were a little smaller than advertised. The 100 KWH pack is the first large pack larger than advertised. There is more perceived gap for the consumer between an 85 and 100 than 90 and 100 pack, which is why I think the next gen small pack will be advertised as an 85.
Though the car's acceleration will pretty much be the same as the current 75 because it will be the same voltage.
I expect the new 85 will be out in the next few months. They will be wanting to both discontinue making the old modules and establish the distance from the Model 3 before the Model 3 hits the market. A new 85 will also help stimulate sales and help curb the Osborne effect on the Model S.